Short Interest in AppFolio, Inc. (NASDAQ:APPF) Drops By 29.6%

AppFolio, Inc. (NASDAQ:APPF) was the recipient of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 753,800 shares, a decrease of 29.6% from the June 30th total of 1,070,000 shares. Based on an average daily volume of 290,600 shares, the short-interest ratio is currently 2.6 days.

AppFolio Price Performance

AppFolio stock traded down $1.93 during mid-day trading on Monday, reaching $229.02. 611,077 shares of the company traded hands, compared to its average volume of 306,766. AppFolio has a fifty-two week low of $164.29 and a fifty-two week high of $274.56. The firm’s fifty day moving average is $242.53 and its two-hundred day moving average is $231.56. The company has a market capitalization of $8.29 billion, a price-to-earnings ratio of 111.57 and a beta of 0.80.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. The company had revenue of $197.38 million during the quarter, compared to analyst estimates of $190.57 million. AppFolio had a return on equity of 27.39% and a net margin of 17.32%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.53) EPS. As a group, equities research analysts predict that AppFolio will post 2.9 earnings per share for the current year.

Insider Transactions at AppFolio

In related news, major shareholder Maurice J. Duca sold 4,462 shares of AppFolio stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $261.19, for a total transaction of $1,165,429.78. Following the completion of the sale, the insider now owns 49,784 shares in the company, valued at approximately $13,003,082.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Klaus Schauser sold 1,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $270.00, for a total transaction of $270,000.00. Following the transaction, the insider now owns 403,000 shares of the company’s stock, valued at approximately $108,810,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Maurice J. Duca sold 4,462 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $261.19, for a total transaction of $1,165,429.78. Following the transaction, the insider now directly owns 49,784 shares in the company, valued at approximately $13,003,082.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,444 shares of company stock worth $31,124,559. Insiders own 9.15% of the company’s stock.

Institutional Trading of AppFolio

Several institutional investors and hedge funds have recently bought and sold shares of APPF. Norges Bank purchased a new position in shares of AppFolio during the fourth quarter worth $38,458,000. Zeno Equity Partners LLP acquired a new position in shares of AppFolio in the 4th quarter valued at about $33,434,000. Principal Financial Group Inc. boosted its stake in shares of AppFolio by 2,359.8% in the first quarter. Principal Financial Group Inc. now owns 151,646 shares of the software maker’s stock worth $37,417,000 after buying an additional 145,481 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of AppFolio by 344.7% in the first quarter. Assenagon Asset Management S.A. now owns 155,127 shares of the software maker’s stock worth $38,276,000 after buying an additional 120,246 shares during the last quarter. Finally, Westwind Capital grew its holdings in AppFolio by 301.0% during the second quarter. Westwind Capital now owns 149,240 shares of the software maker’s stock worth $3,650,000 after acquiring an additional 112,024 shares during the period. 62.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on APPF shares. Keefe, Bruyette & Woods lifted their price target on AppFolio from $215.00 to $238.00 and gave the company a “market perform” rating in a report on Friday, April 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $300.00 target price on shares of AppFolio in a report on Friday. KeyCorp raised their price target on shares of AppFolio from $275.00 to $300.00 and gave the company an “overweight” rating in a report on Friday. Stephens reaffirmed an “overweight” rating and issued a $241.00 price objective on shares of AppFolio in a research report on Friday, April 26th. Finally, StockNews.com raised shares of AppFolio from a “hold” rating to a “buy” rating in a research report on Friday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, AppFolio has a consensus rating of “Moderate Buy” and a consensus target price of $277.75.

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.