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

AppFolio, Inc. (NASDAQ:APPF) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 532,800 shares, a decline of 6.1% from the October 15th total of 567,700 shares. Based on an average daily trading volume, of 218,100 shares, the days-to-cover ratio is currently 2.4 days.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler reduced their target price on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $300.00 target price on shares of AppFolio in a research report on Friday, July 26th. DA Davidson increased their price target on AppFolio from $285.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, July 26th. KeyCorp cut their price objective on AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods cut shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $255.00 to $193.00 in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $261.75.

AppFolio Stock Performance

AppFolio stock opened at $228.55 on Wednesday. AppFolio has a twelve month low of $164.29 and a twelve month high of $274.56. The firm has a market cap of $8.30 billion, a PE ratio of 63.66 and a beta of 0.83. The firm’s 50 day moving average price is $222.16 and its two-hundred day moving average price is $231.04.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.26. AppFolio had a return on equity of 30.64% and a net margin of 17.26%. The business had revenue of $206.00 million during the quarter, compared to analyst estimates of $199.11 million. During the same period last year, the company earned $0.26 earnings per share. AppFolio’s quarterly revenue was up 24.5% compared to the same quarter last year. Equities analysts anticipate that AppFolio will post 3.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William Shane Trigg sold 3,500 shares of AppFolio stock in a transaction on Friday, November 15th. The stock was sold at an average price of $229.85, for a total transaction of $804,475.00. Following the transaction, the chief executive officer now directly owns 74,327 shares in the company, valued at approximately $17,084,060.95. This trade represents a 4.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew S. Mazza sold 5,090 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $236.24, for a total value of $1,202,461.60. Following the transaction, the insider now directly owns 28,266 shares of the company’s stock, valued at $6,677,559.84. This represents a 15.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,296 shares of company stock worth $4,981,684. 5.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppFolio

Several large investors have recently made changes to their positions in APPF. Vanguard Group Inc. lifted its stake in AppFolio by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker’s stock valued at $531,139,000 after acquiring an additional 73,965 shares during the last quarter. State Street Corp raised its holdings in shares of AppFolio by 8.2% during the 3rd quarter. State Street Corp now owns 653,136 shares of the software maker’s stock valued at $153,748,000 after purchasing an additional 49,238 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of AppFolio by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 413,032 shares of the software maker’s stock valued at $97,252,000 after purchasing an additional 32,743 shares during the last quarter. DF Dent & Co. Inc. boosted its holdings in AppFolio by 10.1% in the third quarter. DF Dent & Co. Inc. now owns 351,691 shares of the software maker’s stock worth $82,788,000 after purchasing an additional 32,181 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in AppFolio by 13.5% during the second quarter. Bank of New York Mellon Corp now owns 241,801 shares of the software maker’s stock worth $59,137,000 after buying an additional 28,673 shares during the last quarter. Institutional investors own 62.34% of the company’s stock.

AppFolio Company Profile

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.