AppFolio (NASDAQ:APPF) Shares Gap Up After Strong Earnings

Shares of AppFolio, Inc. (NASDAQ:APPF) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $192.07, but opened at $210.82. AppFolio shares last traded at $231.79, with a volume of 264,087 shares trading hands.

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 net margin of 17.32% and a return on equity of 27.39%. The business had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. During the same period in the prior year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 24.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

APPF has been the topic of several recent analyst reports. DA Davidson increased their target price on shares of AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. StockNews.com lowered shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Piper Sandler decreased their price target on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of AppFolio from $260.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods lowered shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $255.00 to $193.00 in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $261.75.

Insiders Place Their Bets

In other AppFolio news, major shareholder Maurice J. Duca sold 1,296 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $236.77, for a total value of $306,853.92. Following the transaction, the insider now directly owns 9,383 shares of the company’s stock, valued at $2,221,612.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Maurice J. Duca sold 200 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 27,568 shares in the company, valued at $6,410,111.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Maurice J. Duca sold 1,296 shares of the firm’s stock in a transaction that occurred 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 $2,221,612.91. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,852 shares of company stock valued at $4,100,322 in the last ninety days. 9.15% of the stock is currently owned by corporate insiders.

Institutional Trading of AppFolio

A number of hedge funds and other institutional investors have recently made changes to their positions in APPF. Blue Trust Inc. increased its holdings in shares of AppFolio by 85.7% during the 3rd quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock worth $29,000 after buying an additional 54 shares during the last quarter. GAMMA Investing LLC increased its holdings in AppFolio by 589.5% in the 2nd quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after purchasing an additional 112 shares during the last quarter. CWM LLC increased its holdings in AppFolio by 238.6% in the 2nd quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after purchasing an additional 105 shares during the last quarter. Advisors Asset Management Inc. increased its holdings 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 during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in AppFolio by 688.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock valued at $52,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 62.34% of the company’s stock.

AppFolio Trading Up 10.6 %

The company’s fifty day moving average is $223.58 and its two-hundred day moving average is $230.97. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 102.58 and a beta of 0.81.

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.