AppFolio (NASDAQ:APPF) Downgraded by Piper Sandler to “Neutral”

Piper Sandler downgraded shares of AppFolio (NASDAQ:APPF) from an overweight rating to a neutral rating in a report issued on Monday, MarketBeat reports. The brokerage currently has $265.00 price target on the software maker’s stock.

Several other analysts also recently issued reports on APPF. Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. KeyCorp cut their target price on AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $261.75.

AppFolio Price Performance

Shares of APPF opened at $251.05 on Monday. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 69.93 and a beta of 0.87. AppFolio has a 1 year low of $165.13 and a 1 year high of $274.56. The business’s 50 day simple moving average is $244.19 and its 200-day simple moving average is $235.08.

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

Insider Buying and Selling

In other news, CEO William Shane Trigg sold 4,145 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $263.32, for a total transaction of $1,091,461.40. Following the sale, the chief executive officer now directly owns 73,682 shares in the company, valued at $19,401,944.24. This trade represents a 5.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew S. Mazza sold 700 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $255.50, for a total value of $178,850.00. Following the transaction, the insider now owns 27,566 shares in the company, valued at $7,043,113. This trade represents a 2.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,768 shares of company stock valued at $5,744,891 over the last quarter. 5.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppFolio

Large investors have recently modified their holdings of the business. Summit Global Investments purchased a new position in AppFolio during the third quarter worth about $759,000. Captrust Financial Advisors grew its position in shares of AppFolio by 183.3% in the 3rd quarter. Captrust Financial Advisors now owns 4,374 shares of the software maker’s stock valued at $1,030,000 after buying an additional 2,830 shares during the last quarter. Baker Avenue Asset Management LP boosted its position in shares of AppFolio by 16.5% in the 3rd quarter. Baker Avenue Asset Management LP now owns 21,483 shares of the software maker’s stock valued at $5,057,000 after purchasing an additional 3,038 shares during the period. Advisors Asset Management Inc. raised its position in AppFolio by 56.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock valued at $92,000 after purchasing an additional 141 shares during the last quarter. Finally, TD Asset Management Inc increased its position in AppFolio by 48.1% in the 2nd quarter. TD Asset Management Inc now owns 8,000 shares of the software maker’s stock valued at $1,957,000 after acquiring an additional 2,600 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

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.