AppFolio, Inc. (NASDAQ:APPF) Short Interest Down 6.1% in October

AppFolio, Inc. (NASDAQ:APPF) was the target of 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 volume of 218,100 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. KeyCorp dropped their price target on shares of AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Piper Sandler Companies reissued an “overweight” rating and issued a $300.00 price target on shares of AppFolio in a report on Friday, July 26th. Keefe, Bruyette & Woods downgraded AppFolio from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $255.00 to $193.00 in a report on Tuesday, October 15th. Piper Sandler reduced their target price on AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, StockNews.com cut shares of AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $261.75.

Insider Activity

In other news, insider Matthew S. Mazza sold 926 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $229.04, for a total value of $212,091.04. Following the completion of the sale, the insider now owns 33,819 shares in the company, valued at approximately $7,745,903.76. This trade represents a 2.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Maurice J. Duca sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $232.59, for a total value of $116,295.00. Following the completion of the transaction, the insider now owns 22,997 shares of the company’s stock, valued at approximately $5,348,872.23. This represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,296 shares of company stock valued at $4,981,684 in the last three months. Corporate insiders own 5.24% of the company’s stock.

Hedge Funds Weigh In On AppFolio

Several hedge funds and other institutional investors have recently modified their holdings of APPF. American International Group Inc. lifted its position in AppFolio by 280.7% in the 1st quarter. American International Group Inc. now owns 36,367 shares of the software maker’s stock valued at $8,973,000 after purchasing an additional 26,815 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in AppFolio by 223.5% in the 1st quarter. Ameritas Investment Partners Inc. now owns 6,434 shares of the software maker’s stock worth $1,588,000 after buying an additional 4,445 shares in the last quarter. Lazard Asset Management LLC increased its position in AppFolio by 750.5% in the 1st quarter. Lazard Asset Management LLC now owns 9,211 shares of the software maker’s stock valued at $2,271,000 after acquiring an additional 8,128 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in AppFolio by 11.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 41,488 shares of the software maker’s stock valued at $10,243,000 after acquiring an additional 4,131 shares in the last quarter. Finally, Summit Global Investments acquired a new position in AppFolio during the 3rd quarter worth $759,000. Institutional investors and hedge funds own 62.34% of the company’s stock.

AppFolio Stock Performance

NASDAQ APPF opened at $228.55 on Wednesday. The firm has a market capitalization of $8.30 billion, a PE ratio of 63.66 and a beta of 0.83. AppFolio has a one year low of $164.29 and a one year high of $274.56. The company has a 50-day simple moving average of $222.16 and a 200-day simple moving average of $231.04.

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

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.