California State Teachers Retirement System Buys 5,115 Shares of AppFolio, Inc. $APPF

California State Teachers Retirement System raised its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 24.8% in the first quarter, Holdings Channel reports. The institutional investor owned 25,766 shares of the software maker’s stock after buying an additional 5,115 shares during the quarter. California State Teachers Retirement System’s holdings in AppFolio were worth $4,066,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of AppFolio by 101.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after acquiring an additional 56 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after purchasing an additional 63 shares in the last quarter. Advisory Services Network LLC bought a new position in AppFolio in the 3rd quarter worth about $55,000. Employees Retirement System of Texas bought a new position in AppFolio in the 3rd quarter worth about $58,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in AppFolio during the 3rd quarter valued at about $69,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, General Counsel Evan Pickering sold 661 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $200.49, for a total transaction of $132,523.89. Following the completion of the sale, the general counsel owned 5,894 shares in the company, valued at approximately $1,181,688.06. This represents a 10.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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. Also, major shareholder Maurice J. Duca sold 1,134 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $197.13, for a total value of $223,545.42. Following the completion of the transaction, the insider directly owned 59,662 shares in the company, valued at $11,761,170.06. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 89,318 shares of company stock valued at $16,175,746. 1.57% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on APPF. Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Benchmark lifted their target price on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Wall Street Zen cut AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. DA Davidson set a $225.00 price target on AppFolio in a report on Friday, July 24th. Finally, UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, AppFolio currently has a consensus rating of “Buy” and an average price target of $243.50.

AppFolio Trading Up 2.4%

Shares of APPF stock opened at $198.74 on Friday. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $300.25. The firm’s 50 day moving average is $169.70 and its 200 day moving average is $171.29. The stock has a market capitalization of $7.04 billion, a P/E ratio of 45.37 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02. The business had revenue of $281.12 million during the quarter, compared to analyst estimates 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 period in the previous year, the business earned $1.38 EPS. As a group, equities analysts predict that AppFolio, Inc. will post 5.16 earnings per share for the current year.

About AppFolio

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.