Delap Wealth Advisory LLC Sells 22,068 Shares of AppFolio, Inc. (NASDAQ:APPF)

Delap Wealth Advisory LLC trimmed its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 92.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,720 shares of the software maker’s stock after selling 22,068 shares during the quarter. Delap Wealth Advisory LLC’s holdings in AppFolio were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in 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 last quarter. CWM LLC lifted 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 during the period. Advisors Asset Management Inc. lifted its holdings in AppFolio by 291.3% in the first quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after buying an additional 134 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in AppFolio in the fourth quarter valued at $64,000. Finally, Covestor Ltd lifted its holdings in AppFolio by 114.0% in the first quarter. Covestor Ltd now owns 550 shares of the software maker’s stock valued at $136,000 after buying an additional 293 shares during the period. 62.34% of the stock is currently owned by institutional investors.

AppFolio Price Performance

NASDAQ:APPF opened at $233.79 on Friday. The firm has a 50-day moving average of $230.66 and a 200-day moving average of $233.16. The company has a market cap of $8.47 billion, a PE ratio of 112.94 and a beta of 0.81. AppFolio, Inc. has a one year low of $164.29 and a one year high of $274.56.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, July 25th. The software maker reported $1.12 EPS for the quarter, topping the consensus estimate of $0.96 by $0.16. The company had revenue of $197.38 million during the quarter, compared to the consensus estimate of $190.57 million. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.53) earnings per share. On average, equities research analysts expect that AppFolio, Inc. will post 3.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of AppFolio from $260.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. StockNews.com lowered shares of AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. Piper Sandler lifted their price target on shares of AppFolio from $295.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $300.00 price target on shares of AppFolio in a research note on Friday, July 26th. Finally, KeyCorp lifted their price target on shares of AppFolio from $275.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, AppFolio presently has an average rating of “Moderate Buy” and an average target price of $277.75.

Insiders Place Their Bets

In other AppFolio news, major shareholder Maurice J. Duca sold 200 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $232.52, for a total value of $46,504.00. Following the completion of the sale, the insider now directly owns 27,568 shares of the company’s stock, valued at approximately $6,410,111.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other AppFolio news, major shareholder Maurice J. Duca sold 2,700 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $234.05, for a total value of $631,935.00. Following the completion of the sale, the insider now directly owns 14,716 shares of the company’s stock, valued at approximately $3,444,279.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Maurice J. Duca sold 200 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $232.52, for a total transaction of $46,504.00. Following the completion of the transaction, the insider now owns 27,568 shares in the company, valued at $6,410,111.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,951 shares of company stock valued at $13,952,226. Corporate insiders own 9.15% of the company’s stock.

AppFolio 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.