Burney Co. Acquires New Shares in AppFolio, Inc. (NASDAQ:APPF)

Burney Co. bought a new position in AppFolio, Inc. (NASDAQ:APPF) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,980 shares of the software maker’s stock, valued at approximately $2,441,000.

A number of other hedge funds also recently made changes to their positions in APPF. GAMMA Investing LLC boosted its position in AppFolio by 589.5% in the second quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after buying an additional 112 shares in the last quarter. CWM LLC raised its position in AppFolio by 238.6% in the second quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after purchasing an additional 105 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of AppFolio by 291.3% during the first quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after purchasing an additional 134 shares in the last quarter. USA Financial Formulas bought a new stake in shares of AppFolio during the fourth quarter worth about $59,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of AppFolio in the fourth quarter valued at approximately $64,000. 62.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on APPF shares. StockNews.com lowered shares of AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. KeyCorp raised their price target on shares of AppFolio from $275.00 to $300.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $300.00 price objective on shares of AppFolio in a research note on Friday, July 26th. DA Davidson upped their price target 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. Finally, Piper Sandler lifted their price objective on AppFolio from $295.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $277.75.

Insider Activity at AppFolio

In other news, Director Timothy K. Bliss sold 41,730 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $232.32, for a total value of $9,694,713.60. Following the sale, the director now owns 58,270 shares of the company’s stock, valued at $13,537,286.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other AppFolio news, major shareholder Maurice J. Duca sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $232.59, for a total value of $116,295.00. Following the completion of the sale, the insider now directly owns 22,997 shares in the company, valued at $5,348,872.23. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Timothy K. Bliss sold 41,730 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $232.32, for a total value of $9,694,713.60. Following the transaction, the director now directly owns 58,270 shares in the company, valued at $13,537,286.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 133,080 shares of company stock valued at $31,475,001. Insiders own 9.15% of the company’s stock.

AppFolio Stock Performance

Shares of NASDAQ APPF traded up $2.91 during mid-day trading on Thursday, hitting $232.13. 87,659 shares of the stock traded hands, compared to its average volume of 292,990. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 113.28 and a beta of 0.81. The stock has a fifty day moving average price of $236.75 and a 200-day moving average price of $234.09. AppFolio, Inc. has a 52 week low of $164.29 and a 52 week high of $274.56.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.16. AppFolio had a return on equity of 27.39% and a net margin of 17.32%. The company had revenue of $197.38 million for the quarter, compared to the consensus estimate of $190.57 million. During the same quarter in the prior year, the company earned ($0.53) earnings per share. AppFolio’s revenue was up 34.2% on a year-over-year basis. As a group, sell-side analysts predict that AppFolio, Inc. will post 2.99 EPS for the current fiscal year.

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.