AppFolio, Inc. $APPF is Brown Capital Management LLC’s 6th Largest Position

Brown Capital Management LLC decreased its stake in AppFolio, Inc. (NASDAQ:APPF) by 40.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 341,942 shares of the software maker’s stock after selling 236,803 shares during the period. AppFolio comprises about 3.9% of Brown Capital Management LLC’s investment portfolio, making the stock its 6th biggest position. Brown Capital Management LLC’s holdings in AppFolio were worth $94,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in APPF. Root Financial Partners LLC purchased a new position in AppFolio in the third quarter worth $31,000. TD Private Client Wealth LLC lifted its stake in AppFolio by 2,116.7% during the third quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker’s stock worth $37,000 after purchasing an additional 127 shares during the last quarter. First Horizon Corp purchased a new position in shares of AppFolio in the 3rd quarter worth about $39,000. Huntington National Bank increased its position in shares of AppFolio by 58.7% during the 2nd quarter. Huntington National Bank now owns 200 shares of the software maker’s stock valued at $46,000 after purchasing an additional 74 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of AppFolio by 2,200.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 184 shares of the software maker’s stock valued at $51,000 after buying an additional 176 shares in the last quarter. 85.19% of the stock is owned by institutional investors.

AppFolio Trading Up 2.7%

APPF stock opened at $195.06 on Tuesday. The stock has a market capitalization of $7.01 billion, a price-to-earnings ratio of 50.27 and a beta of 0.75. The firm’s 50-day moving average price is $226.46 and its two-hundred day moving average price is $249.18. AppFolio, Inc. has a 12-month low of $186.45 and a 12-month high of $326.04.

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

Insider Activity

In related news, CFO Timothy Mathias Eaton sold 517 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $228.34, for a total transaction of $118,051.78. Following the completion of the transaction, the chief financial officer owned 10,104 shares in the company, valued at $2,307,147.36. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Shane Trigg sold 3,947 shares of AppFolio stock in a transaction 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 completion of the sale, the chief executive officer owned 51,530 shares in the company, valued at approximately $12,390,388.50. This trade represents a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 8,745 shares of company stock valued at $2,097,550. Company insiders own 4.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on APPF. Wells Fargo & Company reaffirmed a “buy” rating on shares of AppFolio in a research note on Thursday, January 15th. Keefe, Bruyette & Woods cut their price objective on shares of AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. decreased their target price on shares of AppFolio from $330.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday. KeyCorp restated an “overweight” rating on shares of AppFolio in a research report on Monday. Finally, William Blair reiterated an “outperform” rating on shares of AppFolio in a report on Friday. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, AppFolio currently has an average rating of “Moderate Buy” and an average target price of $270.83.

About AppFolio

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.