AppFolio (NASDAQ:APPF) Stock Rating Cut to Hold at Zacks Research

Zacks Research downgraded shares of AppFolio (NASDAQ:APPF) from a strong-buy rating to a hold rating in a research report report published on Wednesday,Zacks reports.

Other analysts also recently issued research reports about the company. KeyCorp boosted their price objective on AppFolio from $255.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, September 17th. Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Guggenheim initiated coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price objective on the stock. DA Davidson set a $225.00 target price on shares of AppFolio in a research note on Friday, July 24th. Finally, Wall Street Zen downgraded AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $246.62.

AppFolio Trading Down 2.7%

APPF opened at $204.43 on Wednesday. AppFolio has a twelve month low of $142.56 and a twelve month high of $283.14. The stock has a market cap of $7.24 billion, a PE ratio of 46.67 and a beta of 0.85. The business’s 50 day moving average is $203.69 and its 200-day moving average is $177.24.

AppFolio (NASDAQ:APPF) last released its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.02. The company had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.38 earnings per share. As a group, analysts forecast that AppFolio will post 5.17 EPS for the current year.

Insider Transactions at AppFolio

In related news, CFO Timothy Eaton sold 373 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $202.61, for a total value of $75,573.53. Following the completion of the sale, the chief financial officer directly owned 16,714 shares in the company, valued at approximately $3,386,423.54. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 2,656 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $221.85, for a total value of $589,233.60. Following the sale, the insider owned 8,000 shares of the company’s stock, valued at approximately $1,774,800. This trade represents a 24.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 176,217 shares of company stock valued at $34,157,323 over the last ninety days. Company insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in AppFolio by 20.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock valued at $237,665,000 after purchasing an additional 259,933 shares during the period. Nellore Capital Management LLC lifted its holdings in shares of AppFolio by 2.9% during the 2nd quarter. Nellore Capital Management LLC now owns 654,865 shares of the software maker’s stock worth $105,008,000 after acquiring an additional 18,563 shares during the period. Geode Capital Management LLC boosted its position in shares of AppFolio by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 472,491 shares of the software maker’s stock valued at $109,947,000 after acquiring an additional 11,588 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in AppFolio by 6.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 384,529 shares of the software maker’s stock valued at $60,686,000 after acquiring an additional 23,428 shares during the period. Finally, Bank of America Corp DE raised its position in AppFolio by 21.7% in the first quarter. Bank of America Corp DE now owns 345,603 shares of the software maker’s stock worth $54,543,000 after purchasing an additional 61,641 shares in the last quarter. Institutional investors own 85.19% of the company’s stock.

About AppFolio

AppFolio, Inc provides cloud-based software and technology solutions for the real estate industry. Its platform is designed to help property managers and real estate businesses manage core operations, including accounting, leasing, maintenance, communications, payments, reporting and resident services.

The company’s AppFolio Property Manager platform serves a range of property types, including residential, commercial, student housing and community associations. AppFolio also offers solutions for real estate investment management, along with workflow automation, data and reporting tools, online payment processing and other services intended to help customers operate more efficiently and improve the experience for owners, residents and tenants.

AppFolio was founded in 2006 and is headquartered in Santa Barbara, California.