AppFolio, Inc. (NASDAQ:APPF) Sees Significant Drop in Short Interest

AppFolio, Inc. (NASDAQ:APPF) saw a large decline in short interest in October. As of October 15th, there was short interest totalling 567,700 shares, a decline of 16.2% from the September 30th total of 677,500 shares. Based on an average trading volume of 232,900 shares, the days-to-cover ratio is presently 2.4 days.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lifted their price objective on shares of AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Piper Sandler dropped their target price on AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a report on Friday. KeyCorp cut their price target on AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, DA Davidson upped their price objective on AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, AppFolio presently has a consensus rating of “Moderate Buy” and a consensus price target of $261.75.

AppFolio Stock Performance

APPF opened at $210.37 on Tuesday. The stock has a market capitalization of $7.62 billion, a P/E ratio of 101.63 and a beta of 0.81. AppFolio has a one year low of $164.29 and a one year high of $274.56. The business’s 50-day simple moving average is $223.32 and its 200-day simple moving average is $230.91.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, October 24th. The software maker reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.26. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The business had revenue of $206.00 million during the quarter, compared to analysts’ expectations of $199.11 million. During the same period in the prior year, the company earned $0.26 earnings per share. The business’s revenue was up 24.5% compared to the same quarter last year. On average, equities research analysts forecast that AppFolio will post 3.04 EPS for the current fiscal year.

Insider Buying and Selling at AppFolio

In other news, major shareholder Maurice J. Duca sold 1,296 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $236.77, for a total transaction of $306,853.92. Following the sale, the insider now owns 9,383 shares of the company’s stock, valued at approximately $2,221,612.91. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Maurice J. Duca sold 1,296 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $236.77, for a total transaction of $306,853.92. Following the sale, the insider now owns 9,383 shares of the company’s stock, valued at approximately $2,221,612.91. This represents a 0.00 % 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. Also, CEO William Shane Trigg sold 3,501 shares of AppFolio stock in a transaction on Friday, August 16th. The shares were sold at an average price of $218.98, for a total value of $766,648.98. Following the completion of the transaction, the chief executive officer now owns 81,699 shares of the company’s stock, valued at approximately $17,890,447.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,652 shares of company stock valued at $4,053,818 in the last three months. 9.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppFolio

Several large investors have recently modified their holdings of APPF. Blue Trust Inc. increased its stake in AppFolio by 85.7% in the 3rd quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock valued at $29,000 after buying an additional 54 shares during the period. GAMMA Investing LLC grew its stake in shares of AppFolio by 589.5% during the 2nd quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock worth $32,000 after purchasing an additional 112 shares during the period. CWM LLC increased its holdings in AppFolio by 238.6% in the second quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after buying an additional 105 shares in the last quarter. Advisors Asset Management Inc. increased its stake in AppFolio by 291.3% in the 1st quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after purchasing an additional 134 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of AppFolio by 688.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock worth $52,000 after buying an additional 186 shares during the last quarter. Hedge funds and other institutional investors own 62.34% of the company’s stock.

About AppFolio

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.