Renaissance Technologies LLC Sells 38,500 Shares of AppFolio, Inc. (NASDAQ:APPF)

Renaissance Technologies LLC trimmed its holdings in AppFolio, Inc. (NASDAQ:APPF) by 15.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 219,000 shares of the software maker’s stock after selling 38,500 shares during the period. Renaissance Technologies LLC owned 0.60% of AppFolio worth $53,561,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in APPF. American International Group Inc. lifted its holdings in AppFolio by 280.7% during the 1st quarter. American International Group Inc. now owns 36,367 shares of the software maker’s stock valued at $8,973,000 after purchasing an additional 26,815 shares during the last quarter. Texas Permanent School Fund Corp bought a new position in shares of AppFolio in the first quarter valued at about $4,415,000. Oberndorf William E acquired a new stake in shares of AppFolio during the 4th quarter worth about $3,020,000. Nebula Research & Development LLC boosted its holdings in shares of AppFolio by 554.5% during the 4th quarter. Nebula Research & Development LLC now owns 9,039 shares of the software maker’s stock worth $1,566,000 after buying an additional 7,658 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in AppFolio by 223.5% in the 1st quarter. Ameritas Investment Partners Inc. now owns 6,434 shares of the software maker’s stock valued at $1,588,000 after buying an additional 4,445 shares during the last quarter. 62.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

AppFolio Stock Performance

APPF opened at $229.19 on Wednesday. AppFolio, Inc. has a 52-week low of $164.29 and a 52-week high of $274.56. The firm has a market cap of $8.30 billion, a P/E ratio of 110.72 and a beta of 0.81. The business’s fifty day moving average is $232.44 and its 200-day moving average is $233.29.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings data 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. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The business had revenue of $197.38 million during the quarter, compared to analysts’ expectations of $190.57 million. During the same quarter in the prior year, the business posted ($0.53) earnings per share. AppFolio’s revenue was up 34.2% compared to the same quarter last year. On average, research analysts predict that AppFolio, Inc. will post 3.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Shane Trigg sold 3,501 shares of AppFolio stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $218.98, for a total value of $766,648.98. Following the transaction, the chief executive officer now directly owns 81,699 shares of the company’s stock, valued at $17,890,447.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Blottnitz Andreas Von sold 5,111 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $240.24, for a total value of $1,227,866.64. Following the completion of the transaction, the director now owns 8,838 shares of the company’s stock, valued at $2,123,241.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Shane Trigg sold 3,501 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $218.98, for a total transaction of $766,648.98. Following the completion of the sale, the chief executive officer now 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 90 days, insiders have sold 59,254 shares of company stock worth $14,241,974. Corporate insiders own 9.15% of the company’s stock.

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.