Jennison Associates LLC Reduces Stock Holdings in AppFolio, Inc. $APPF

Jennison Associates LLC lowered its holdings in AppFolio, Inc. (NASDAQ:APPF) by 41.2% during the first quarter, Holdings Channel reports. The fund owned 76,110 shares of the software maker’s stock after selling 53,291 shares during the quarter. Jennison Associates LLC’s holdings in AppFolio were worth $12,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its holdings in AppFolio by 101.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after buying an additional 63 shares during the period. Advisory Services Network LLC acquired a new position in shares of AppFolio in the 3rd quarter valued at about $55,000. Employees Retirement System of Texas purchased a new stake in shares of AppFolio in the third quarter worth about $58,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of AppFolio in the third quarter worth about $69,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Price Performance

NASDAQ APPF opened at $167.84 on Wednesday. The stock’s 50 day simple moving average is $163.99 and its 200-day simple moving average is $174.94. The company has a market cap of $5.93 billion, a PE ratio of 39.96 and a beta of 0.79. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $326.04.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings data on Thursday, April 23rd. The software maker reported $1.61 EPS for the quarter, beating the consensus estimate of $1.47 by $0.14. The firm had revenue of $262.21 million during the quarter, compared to the consensus estimate of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The firm’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.21 EPS. On average, equities research analysts anticipate that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

APPF has been the subject of several recent research reports. Weiss Ratings cut AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. KeyCorp restated an “overweight” rating on shares of AppFolio in a research report on Monday, July 6th. UBS Group set a $210.00 price objective on shares of AppFolio in a research note on Friday, April 24th. Benchmark lifted their target price on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. Finally, Piper Sandler decreased their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $252.29.

Insider Buying and Selling at AppFolio

In other news, CEO William Shane Trigg sold 3,584 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the sale, the chief executive officer owned 76,547 shares of the company’s stock, valued at $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 7,200 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $180.15, for a total transaction of $1,297,080.00. Following the completion of the sale, the insider owned 40,700 shares of the company’s stock, valued at $7,332,105. This trade represents a 15.03% 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. Over the last three months, insiders have sold 30,657 shares of company stock valued at $5,310,740. 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.