Salem Investment Counselors Inc. Invests $123,000 in AppFolio, Inc. (NASDAQ:APPF)

Salem Investment Counselors Inc. purchased a new position in shares of AppFolio, Inc. (NASDAQ:APPF) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 500 shares of the software maker’s stock, valued at approximately $123,000.

A number of other hedge funds have also modified their holdings of APPF. Blue Trust Inc. grew 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 purchasing an additional 54 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of AppFolio by 688.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock worth $52,000 after purchasing an additional 186 shares during the period. Quarry LP grew its holdings in shares of AppFolio by 147.9% during the 2nd quarter. Quarry LP now owns 238 shares of the software maker’s stock worth $58,000 after purchasing an additional 142 shares during the period. True Wealth Design LLC purchased a new position in AppFolio during the 3rd quarter valued at about $79,000. Finally, Advisors Asset Management Inc. boosted its holdings in AppFolio by 56.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock valued at $92,000 after acquiring an additional 141 shares during the period. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler cut 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 cut AppFolio from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $255.00 to $193.00 in a report on Tuesday, October 15th. Finally, KeyCorp cut AppFolio from an “overweight” rating to a “sector weight” rating and set a $253.00 target price for the company. in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $261.88.

AppFolio Price Performance

APPF stock opened at $246.57 on Wednesday. The firm has a market capitalization of $8.96 billion, a P/E ratio of 68.68 and a beta of 0.87. The business’s 50-day moving average is $247.80 and its two-hundred day moving average is $235.45. AppFolio, Inc. has a 1 year low of $171.19 and a 1 year high of $274.56.

AppFolio (NASDAQ:APPF) last posted 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. The company had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. AppFolio had a return on equity of 30.64% and a net margin of 17.26%. AppFolio’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 EPS. On average, analysts expect that AppFolio, Inc. will post 3.23 EPS for the current year.

Insider Transactions at AppFolio

In other news, Director Scanlan Agnes Bundy sold 500 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $255.42, for a total transaction of $127,710.00. Following the sale, the director now owns 5,416 shares of the company’s stock, valued at approximately $1,383,354.72. This trade represents a 8.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew S. Mazza sold 926 shares of the firm’s 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 sale, the insider now directly owns 33,819 shares in the company, valued at $7,745,903.76. This trade represents a 2.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,768 shares of company stock valued at $5,744,891. Corporate insiders own 5.24% 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.