AppFolio (NASDAQ:APPF) Shares Gap Down Following Weak Earnings

AppFolio, Inc. (NASDAQ:APPF)’s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $253.58, but opened at $241.30. AppFolio shares last traded at $236.91, with a volume of 105,559 shares changing hands.

The software maker reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.34). AppFolio had a return on equity of 30.64% and a net margin of 17.26%.

Wall Street Analysts Forecast Growth

APPF has been the subject of several recent research reports. Piper Sandler reissued a “neutral” rating and issued a $265.00 price target on shares of AppFolio in a research note on Friday. KeyCorp downgraded shares of AppFolio from an “overweight” rating to a “sector weight” rating and set a $253.00 target price for the company. in a research report on Friday, January 10th. Stephens restated an “overweight” rating and set a $295.00 price target on shares of AppFolio in a research note on Friday. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a research note on Friday. Finally, Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and lowered their target price for the stock from $255.00 to $193.00 in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $276.29.

Insider Buying and Selling at AppFolio

In other news, major shareholder Maurice J. Duca sold 2,510 shares of AppFolio stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $229.21, for a total value of $575,317.10. Following the completion of the transaction, the insider now owns 2,459 shares in the company, valued at approximately $563,627.39. The trade was a 50.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew S. Mazza sold 5,090 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $236.24, for a total value of $1,202,461.60. Following the completion of the transaction, the insider now directly owns 28,266 shares in the company, valued at $6,677,559.84. The trade was a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,606 shares of company stock worth $5,958,832 over the last three months. Company insiders own 5.24% of the company’s stock.

Hedge Funds Weigh In On AppFolio

Several institutional investors have recently bought and sold shares of APPF. Lord Abbett & CO. LLC increased its stake in shares of AppFolio by 82.2% in the third quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker’s stock valued at $108,116,000 after buying an additional 207,204 shares in the last quarter. Deepwater Asset Management LLC bought a new stake in AppFolio during the 4th quarter worth about $15,483,000. FMR LLC increased its position in AppFolio by 998.0% in the 3rd quarter. FMR LLC now owns 60,894 shares of the software maker’s stock valued at $14,334,000 after acquiring an additional 55,348 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of AppFolio by 31.2% in the third quarter. Franklin Resources Inc. now owns 228,655 shares of the software maker’s stock worth $51,800,000 after acquiring an additional 54,386 shares during the last quarter. Finally, State Street Corp raised its stake in shares of AppFolio by 8.2% in the third quarter. State Street Corp now owns 653,136 shares of the software maker’s stock worth $153,748,000 after acquiring an additional 49,238 shares during the last quarter. Institutional investors own 85.19% of the company’s stock.

AppFolio Stock Down 7.8 %

The stock’s 50-day moving average price is $253.82 and its 200-day moving average price is $235.80. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 65.16 and a beta of 0.87.

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.