AppFolio (NASDAQ:APPF) Stock Rating Lowered by KeyCorp

AppFolio (NASDAQ:APPF) was downgraded by equities research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $253.00 price target on the software maker’s stock. KeyCorp’s target price would suggest a potential upside of 3.79% from the company’s current price.

A number of other research firms have also issued reports on APPF. Piper Sandler lowered shares of AppFolio from an “overweight” rating to a “neutral” rating and set a $265.00 target price for the company. in a report on Monday, January 6th. Keefe, Bruyette & Woods lowered shares of AppFolio from a “market perform” rating to an “underperform” rating and lowered their target price for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, AppFolio presently has an average rating of “Hold” and a consensus price target of $261.88.

AppFolio Price Performance

NASDAQ:APPF opened at $243.77 on Friday. The firm has a market cap of $8.86 billion, a price-to-earnings ratio of 67.90 and a beta of 0.87. The company has a 50 day moving average price of $247.19 and a 200-day moving average price of $235.52. AppFolio has a 1-year low of $171.19 and a 1-year high of $274.56.

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

Insider Activity

In other news, major shareholder Maurice J. Duca sold 2,510 shares of AppFolio stock in a transaction on Monday, November 18th. The shares were sold at an average price of $229.21, for a total value of $575,317.10. Following the transaction, the insider now directly owns 2,459 shares of the company’s stock, valued at $563,627.39. The trade was a 50.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Matthew S. Mazza sold 926 shares of AppFolio stock in a transaction on Monday, November 11th. The shares were sold at an average price of $229.04, for a total transaction of $212,091.04. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 23,768 shares of company stock valued at $5,744,891. 5.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of APPF. State Street Corp raised its position 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 acquiring an additional 49,238 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in AppFolio by 82.2% during the third quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker’s stock valued at $108,116,000 after buying an additional 207,204 shares in the last quarter. Geode Capital Management LLC boosted its stake in AppFolio by 8.6% during the third quarter. Geode Capital Management LLC now owns 413,032 shares of the software maker’s stock valued at $97,252,000 after buying an additional 32,743 shares in the last quarter. DF Dent & Co. Inc. boosted its position in shares of AppFolio by 10.1% in the 3rd quarter. DF Dent & Co. Inc. now owns 351,691 shares of the software maker’s stock valued at $82,788,000 after purchasing an additional 32,181 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of AppFolio by 31.2% in the 3rd quarter. Franklin Resources Inc. now owns 228,655 shares of the software maker’s stock valued at $51,800,000 after purchasing an additional 54,386 shares during the period. Institutional investors and hedge funds own 85.19% 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.