PNC Financial Services Group Inc. Sells 293 Shares of AppFolio, Inc. (NASDAQ:APPF)

PNC Financial Services Group Inc. reduced its holdings in AppFolio, Inc. (NASDAQ:APPF) by 8.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,017 shares of the software maker’s stock after selling 293 shares during the period. PNC Financial Services Group Inc.’s holdings in AppFolio were worth $523,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in AppFolio by 497.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 43,552 shares of the software maker’s stock worth $7,545,000 after buying an additional 36,265 shares in the last quarter. Long Walk Management LP increased its position in shares of AppFolio by 62.7% during the fourth quarter. Long Walk Management LP now owns 122,000 shares of the software maker’s stock valued at $21,135,000 after purchasing an additional 47,000 shares during the period. Oberndorf William E acquired a new position in shares of AppFolio in the fourth quarter valued at $3,020,000. WCM Investment Management LLC bought a new position in AppFolio in the fourth quarter worth $12,941,000. Finally, Nebula Research & Development LLC boosted its stake in AppFolio by 554.5% during the fourth quarter. Nebula Research & Development LLC now owns 9,039 shares of the software maker’s stock worth $1,566,000 after buying an additional 7,658 shares in the last quarter. 62.34% of the stock is currently owned by institutional investors and hedge funds.

AppFolio Stock Up 3.8 %

NASDAQ:APPF opened at $248.89 on Friday. The firm has a market cap of $9.01 billion, a PE ratio of 120.24 and a beta of 0.80. The company’s 50-day moving average price is $234.53 and its two-hundred day moving average price is $219.07. AppFolio, Inc. has a 12 month low of $164.29 and a 12 month high of $256.73.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, April 25th. The software maker reported $0.68 EPS for the quarter, topping the consensus estimate of $0.59 by $0.09. AppFolio had a return on equity of 13.51% and a net margin of 11.38%. The business had revenue of $187.43 million for the quarter, compared to the consensus estimate of $173.66 million. On average, research analysts expect that AppFolio, Inc. will post 2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Maurice J. Duca sold 2,100 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $231.20, for a total value of $485,520.00. Following the completion of the sale, the insider now directly owns 55,000 shares in the company, valued at $12,716,000. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Alexander Wolf sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $250.26, for a total value of $2,502,600.00. Following the completion of the transaction, the director now owns 182,584 shares in the company, valued at approximately $45,693,471.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Maurice J. Duca sold 2,100 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $231.20, for a total value of $485,520.00. Following the completion of the transaction, the insider now owns 55,000 shares in the company, valued at $12,716,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,780 shares of company stock valued at $24,722,740. 9.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on APPF shares. KeyCorp increased their price objective on shares of AppFolio from $264.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Keefe, Bruyette & Woods increased their price target on shares of AppFolio from $215.00 to $238.00 and gave the stock a “market perform” rating in a research report on Friday, April 26th. Piper Sandler started coverage on AppFolio in a report on Monday, June 10th. They set an “overweight” rating and a $295.00 price objective on the stock. Finally, Stephens reiterated an “overweight” rating and issued a $241.00 price objective on shares of AppFolio in a research note on Friday, April 26th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, AppFolio currently has an average rating of “Moderate Buy” and a consensus target price of $248.71.

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.