Summit Global Investments Acquires New Position in AppFolio, Inc. (NASDAQ:APPF)

Summit Global Investments bought a new position in shares of AppFolio, Inc. (NASDAQ:APPF) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,225 shares of the software maker’s stock, valued at approximately $759,000.

Several other institutional investors and hedge funds also recently made changes to their positions in APPF. Brighton Jones LLC grew its stake in shares of AppFolio by 0.9% during the second quarter. Brighton Jones LLC now owns 5,805 shares of the software maker’s stock worth $1,420,000 after purchasing an additional 49 shares during the period. Blue Trust Inc. grew its position 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 buying an additional 54 shares during the period. ProShare Advisors LLC grew its position in shares of AppFolio by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 3,630 shares of the software maker’s stock worth $888,000 after buying an additional 102 shares during the period. CWM LLC increased its stake in shares of AppFolio by 238.6% in the 2nd quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after acquiring an additional 105 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of AppFolio by 589.5% in the 2nd quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after acquiring an additional 112 shares during the period. Institutional investors own 62.34% of the company’s stock.

AppFolio Price Performance

APPF stock opened at $228.20 on Friday. The stock has a market capitalization of $8.29 billion, a P/E ratio of 63.57 and a beta of 0.83. AppFolio, Inc. has a fifty-two week low of $164.29 and a fifty-two week high of $274.56. The business has a 50-day moving average of $221.31 and a 200-day moving average of $230.97.

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

Insider Activity at AppFolio

In other news, major shareholder Maurice J. Duca sold 1,296 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $236.77, for a total transaction of $306,853.92. Following the completion of the transaction, the insider now directly owns 9,383 shares in the company, valued at $2,221,612.91. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other AppFolio news, major shareholder Maurice J. Duca sold 2,968 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $234.87, for a total value of $697,094.16. Following the completion of the transaction, the insider now directly owns 24,500 shares in the company, valued at $5,754,315. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Maurice J. Duca sold 1,296 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $236.77, for a total value of $306,853.92. Following the sale, the insider now owns 9,383 shares in the company, valued at approximately $2,221,612.91. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,652 shares of company stock valued at $4,053,818. Corporate insiders own 5.24% of the company’s stock.

Analyst Ratings Changes

APPF has been the subject of a number of analyst reports. StockNews.com cut shares of AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. DA Davidson upped their price objective on shares of AppFolio from $285.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their target price on AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Piper Sandler dropped their price target on AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $300.00 price objective on shares of AppFolio in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $261.75.

AppFolio 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.