Louisiana State Employees Retirement System Buys Shares of 7,100 AppFolio, Inc. $APPF

Louisiana State Employees Retirement System purchased a new stake in AppFolio, Inc. (NASDAQ:APPF) during the first quarter, Holdings Channel.com reports. The firm purchased 7,100 shares of the software maker’s stock, valued at approximately $1,121,000.

Other large investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in AppFolio by 101.8% during 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 in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in AppFolio by 48.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after purchasing an additional 63 shares in the last quarter. Advisory Services Network LLC bought a new position in AppFolio in the third quarter worth about $55,000. Employees Retirement System of Texas purchased a new stake in shares of AppFolio during the third quarter valued at about $58,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of AppFolio during the third quarter valued at about $69,000. 85.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on APPF. Wall Street Zen downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research report on Saturday. UBS Group set a $210.00 target price on shares of AppFolio in a research report on Friday, April 24th. Benchmark lifted their price target on shares of AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Weiss Ratings lowered AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Finally, Piper Sandler lowered their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, AppFolio presently has a consensus rating of “Moderate Buy” and a consensus target price of $252.29.

AppFolio Price Performance

APPF stock opened at $170.90 on Friday. The stock has a market capitalization of $6.04 billion, a PE ratio of 40.69 and a beta of 0.79. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $326.04. The firm has a 50 day moving average of $161.26 and a 200 day moving average of $180.18.

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

Insider Transactions at AppFolio

In related news, CFO Timothy Mathias Eaton sold 2,585 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $160.07, for a total value of $413,780.95. Following the completion of the transaction, the chief financial officer owned 18,036 shares in the company, valued at $2,887,022.52. This trade represents a 12.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Evan Pickering sold 660 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $155.25, for a total value of $102,465.00. Following the sale, the general counsel owned 6,555 shares in the company, valued at approximately $1,017,663.75. The trade was a 9.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 8,957 shares of company stock valued at $1,399,501 in the last quarter. Insiders own 1.57% of the company’s stock.

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.