AppFolio (NASDAQ:APPF) Sets New 52-Week Low – Here’s What Happened

AppFolio, Inc. (NASDAQ:APPF)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $176.87 and last traded at $177.36, with a volume of 510556 shares changing hands. The stock had previously closed at $184.15.

Analyst Ratings Changes

A number of brokerages have recently weighed in on APPF. William Blair reiterated an “outperform” rating on shares of AppFolio in a research report on Friday, January 30th. Piper Sandler decreased their target price on AppFolio from $350.00 to $245.00 and set an “overweight” rating for the company in a report on Friday, January 30th. JPMorgan Chase & Co. dropped their price target on AppFolio from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. UBS Group set a $260.00 price target on shares of AppFolio and gave the company a “buy” rating in a report on Friday, January 30th. Finally, KeyCorp restated an “overweight” rating on shares of AppFolio in a report on Monday. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, AppFolio has a consensus rating of “Moderate Buy” and a consensus target price of $270.83.

AppFolio Trading Down 3.7%

The company has a market capitalization of $6.37 billion, a P/E ratio of 45.71 and a beta of 0.75. The company’s 50 day moving average is $224.67 and its 200-day moving average is $248.26.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, January 29th. The software maker reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.17. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The business had revenue of $248.19 million for the quarter, compared to analysts’ expectations of $246.56 million. During the same quarter in the prior year, the company earned $0.92 earnings per share. The business’s revenue was up 21.7% compared to the same quarter last year. Analysts predict that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity at AppFolio

In other news, CFO Timothy Mathias Eaton sold 517 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $228.34, for a total value of $118,051.78. Following the sale, the chief financial officer directly owned 10,104 shares of the company’s stock, valued at approximately $2,307,147.36. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Shane Trigg sold 3,947 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $240.45, for a total value of $949,056.15. Following the transaction, the chief executive officer owned 51,530 shares of the company’s stock, valued at $12,390,388.50. The trade was a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 8,745 shares of company stock valued at $2,097,550 in the last 90 days. Corporate insiders own 4.68% of the company’s stock.

Institutional Trading of AppFolio

Several institutional investors have recently bought and sold shares of APPF. Principal Financial Group Inc. raised its holdings in AppFolio by 40.1% in the third quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock worth $321,637,000 after buying an additional 333,861 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of AppFolio by 73.6% during 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. Hudson Way Capital Management LLC purchased a new position in AppFolio in the 3rd quarter worth approximately $53,367,000. Norges Bank bought a new position in AppFolio in the 2nd quarter valued at approximately $34,425,000. Finally, Long Walk Management LP boosted its stake 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 last quarter. 85.19% of the stock is owned by hedge funds and other institutional investors.

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.