Quantinno Capital Management LP Raises Stock Position in AppFolio, Inc. $APPF

Quantinno Capital Management LP grew its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 22.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 50,441 shares of the software maker’s stock after acquiring an additional 9,225 shares during the period. Quantinno Capital Management LP’s holdings in AppFolio were worth $7,961,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in AppFolio by 20.9% in the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock worth $237,665,000 after purchasing an additional 259,933 shares in the last quarter. Lead Edge Capital Management LLC bought a new position in shares of AppFolio during the 1st quarter worth $33,183,000. Greenstone Partners & Co. LLC purchased a new position in shares of AppFolio during the fourth quarter valued at $43,647,000. Millennium Management LLC increased its stake in shares of AppFolio by 158.6% during the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker’s stock valued at $65,490,000 after buying an additional 172,627 shares during the period. Finally, Caledonia Private Investments Pty Ltd raised its holdings in shares of AppFolio by 45.9% in the fourth quarter. Caledonia Private Investments Pty Ltd now owns 332,635 shares of the software maker’s stock valued at $77,388,000 after acquiring an additional 104,609 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Stock Performance

APPF stock opened at $199.53 on Wednesday. AppFolio, Inc. has a one year low of $142.56 and a one year high of $323.33. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 45.55 and a beta of 0.78. The firm has a 50-day simple moving average of $167.65 and a two-hundred day simple moving average of $171.45.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.02. The firm had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.38 EPS. As a group, equities analysts predict that AppFolio, Inc. will post 5.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APPF has been the topic of a number of research reports. Piper Sandler cut their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Benchmark lifted their price objective on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. UBS Group set a $210.00 price objective on shares of AppFolio in a research note on Friday, April 24th. Finally, DA Davidson set a $225.00 target price on AppFolio in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $243.50.

Insiders Place Their Bets

In other AppFolio news, major shareholder Maurice J. Duca sold 3,500 shares of AppFolio stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $188.89, for a total value of $661,115.00. Following the transaction, the insider directly owned 66,662 shares of the company’s stock, valued at approximately $12,591,785.18. The trade was a 4.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 77,957 shares of company stock valued at $13,959,729 in the last three months. 1.57% of the stock is owned by company insiders.

AppFolio Company Profile

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.