Quantum Portfolio Management LLC Grows Stake in AppFolio, Inc. $APPF

Quantum Portfolio Management LLC raised its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 134.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,002 shares of the software maker’s stock after purchasing an additional 5,739 shares during the period. AppFolio comprises 0.8% of Quantum Portfolio Management LLC’s portfolio, making the stock its 26th biggest position. Quantum Portfolio Management LLC’s holdings in AppFolio were worth $2,757,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. William Blair Investment Management LLC raised its holdings in shares of AppFolio by 73.6% in the second quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker’s stock valued at $168,894,000 after acquiring an additional 310,834 shares in the last quarter. Norges Bank bought a new position in AppFolio during the 2nd quarter worth about $34,425,000. Long Walk Management LP increased its position in AppFolio by 78.5% during the 2nd quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock valued at $63,632,000 after purchasing an additional 121,525 shares during the period. Brown Advisory Inc. increased its position in AppFolio by 76.3% during the 2nd quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock valued at $51,327,000 after purchasing an additional 96,470 shares during the period. Finally, Watchtower Advisors LP bought a new stake in shares of AppFolio in the 2nd quarter valued at about $14,105,000. Institutional investors own 85.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on APPF shares. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research note on Tuesday, December 16th. DA Davidson reaffirmed a “buy” rating and set a $325.00 target price on shares of AppFolio in a research report on Wednesday, November 19th. UBS Group began coverage on AppFolio in a report on Friday, December 12th. They issued a “buy” rating and a $285.00 price target on the stock. Weiss Ratings cut AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods raised AppFolio from a “market perform” rating to an “outperform” rating and set a $311.00 price objective on the stock in a research report on Friday, October 24th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, AppFolio currently has an average rating of “Moderate Buy” and a consensus price target of $306.00.

AppFolio Trading Down 0.8%

Shares of APPF stock opened at $217.89 on Monday. AppFolio, Inc. has a 12-month low of $190.24 and a 12-month high of $326.04. The business’s fifty day simple moving average is $232.08 and its 200-day simple moving average is $251.53. The company has a market cap of $7.83 billion, a PE ratio of 39.12 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, October 30th. The software maker reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.14). AppFolio had a return on equity of 25.97% and a net margin of 22.48%.The business had revenue of $249.35 million for the quarter, compared to analysts’ expectations of $245.39 million. During the same quarter last year, the firm earned $1.29 earnings per share. The firm’s quarterly revenue was up 21.2% compared to the same quarter last year. On average, equities analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Insider Activity

In other AppFolio news, CFO Timothy Mathias Eaton sold 517 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $228.34, for a total transaction of $118,051.78. Following the sale, the chief financial officer owned 10,104 shares of the company’s stock, valued at approximately $2,307,147.36. The trade was a 4.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Shane Trigg sold 3,947 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $240.45, for a total transaction of $949,056.15. Following the transaction, the chief executive officer owned 51,530 shares in the company, valued at $12,390,388.50. The trade was a 7.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,745 shares of company stock worth $2,097,550 over the last 90 days. 4.68% of the stock is currently owned by corporate insiders.

AppFolio 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.