AppFolio, Inc. (NASDAQ:APPF) Short Interest Down 7.3% in August

AppFolio, Inc. (NASDAQ:APPF) saw a large drop in short interest in August. As of August 31st, there was short interest totalling 660,100 shares, a drop of 7.3% from the August 15th total of 711,800 shares. Based on an average daily trading volume, of 277,900 shares, the days-to-cover ratio is currently 2.4 days.

Insider Buying and Selling

In related news, major shareholder Maurice J. Duca sold 11,627 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $240.08, for a total value of $2,791,410.16. Following the sale, the insider now owns 27,768 shares in the company, valued at $6,666,541.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Maurice J. Duca sold 11,627 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $240.08, for a total value of $2,791,410.16. Following the transaction, the insider now owns 27,768 shares of the company’s stock, valued at $6,666,541.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Shane Trigg sold 3,501 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $218.98, for a total value of $766,648.98. Following the completion of the transaction, the chief executive officer now directly owns 81,699 shares in the company, valued at $17,890,447.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,254 shares of company stock worth $14,241,974. 9.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AppFolio

A number of institutional investors have recently bought and sold shares of APPF. Norges Bank purchased a new stake in shares of AppFolio in the 4th quarter valued at approximately $38,458,000. Zeno Equity Partners LLP purchased a new stake in AppFolio during the 4th quarter worth about $33,434,000. Principal Financial Group Inc. lifted its stake in AppFolio by 2,359.8% during the first quarter. Principal Financial Group Inc. now owns 151,646 shares of the software maker’s stock worth $37,417,000 after purchasing an additional 145,481 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of AppFolio by 188.2% in the 2nd quarter. Squarepoint Ops LLC now owns 185,034 shares of the software maker’s stock valued at $45,254,000 after buying an additional 120,835 shares during the last quarter. Finally, Westwind Capital boosted its position in shares of AppFolio by 301.0% in the 2nd quarter. Westwind Capital now owns 149,240 shares of the software maker’s stock valued at $3,650,000 after purchasing an additional 112,024 shares during the period. 62.34% of the stock is owned by hedge funds and other institutional investors.

AppFolio Stock Performance

NASDAQ:APPF opened at $227.15 on Tuesday. The firm’s fifty day moving average is $232.44 and its two-hundred day moving average is $233.29. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 109.73 and a beta of 0.81. AppFolio has a one year low of $164.29 and a one year high of $274.56.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.16. The business had revenue of $197.38 million during the quarter, compared to the consensus estimate of $190.57 million. AppFolio had a return on equity of 27.39% and a net margin of 17.32%. The business’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.53) EPS. As a group, equities research analysts predict that AppFolio will post 3.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APPF has been the topic of several research reports. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $300.00 target price on shares of AppFolio in a report on Friday, July 26th. DA Davidson lifted their price objective on shares of AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. raised their target price on shares of AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. StockNews.com downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Finally, Piper Sandler increased their price target on AppFolio from $295.00 to $300.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, AppFolio presently has a consensus rating of “Moderate Buy” and an average target price of $277.75.

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.