Short Interest in AppFolio, Inc. (NASDAQ:APPF) Drops By 6.1%

AppFolio, Inc. (NASDAQ:APPF) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 532,800 shares, a drop of 6.1% from the October 15th total of 567,700 shares. Based on an average daily volume of 218,100 shares, the short-interest ratio is currently 2.4 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler Companies restated an “overweight” rating and issued a $300.00 price target on shares of AppFolio in a report on Friday, July 26th. KeyCorp decreased their target price on shares of AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Piper Sandler dropped their price target on AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. DA Davidson upped their price target on AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods lowered AppFolio from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $255.00 to $193.00 in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $261.75.

Insider Activity at AppFolio

In related news, major shareholder Maurice J. Duca sold 500 shares of AppFolio stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $232.59, for a total value of $116,295.00. Following the sale, the insider now directly owns 22,997 shares in the company, valued at $5,348,872.23. The trade was a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew S. Mazza sold 5,090 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $236.24, for a total transaction of $1,202,461.60. Following the transaction, the insider now directly owns 28,266 shares in the company, valued at approximately $6,677,559.84. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,796 shares of company stock worth $4,177,209. Insiders own 5.24% of the company’s stock.

Institutional Investors Weigh In On AppFolio

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of AppFolio by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 413,032 shares of the software maker’s stock worth $97,252,000 after purchasing an additional 32,743 shares during the last quarter. Barclays PLC grew its position in AppFolio by 20.5% in the third quarter. Barclays PLC now owns 9,888 shares of the software maker’s stock worth $2,327,000 after buying an additional 1,681 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of AppFolio by 5.3% in the third quarter. Public Employees Retirement System of Ohio now owns 8,824 shares of the software maker’s stock valued at $2,077,000 after buying an additional 442 shares in the last quarter. Main Management ETF Advisors LLC acquired a new stake in shares of AppFolio during the 3rd quarter valued at $731,000. Finally, Zacks Investment Management raised its position in shares of AppFolio by 9.0% during the third quarter. Zacks Investment Management now owns 8,905 shares of the software maker’s stock worth $2,096,000 after purchasing an additional 732 shares during the period. 62.34% of the stock is owned by institutional investors and hedge funds.

AppFolio Price Performance

Shares of APPF stock opened at $229.33 on Tuesday. AppFolio has a 12-month low of $164.29 and a 12-month high of $274.56. The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 63.88 and a beta of 0.83. The business has a 50 day simple moving average of $222.00 and a 200 day simple moving average of $231.11.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, October 24th. The software maker reported $1.29 EPS for the quarter, beating the consensus estimate of $1.03 by $0.26. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The firm had revenue of $206.00 million for the quarter, compared to analysts’ expectations of $199.11 million. During the same quarter last year, the company earned $0.26 EPS. AppFolio’s quarterly revenue was up 24.5% on a year-over-year basis. On average, equities analysts anticipate that AppFolio will post 3.23 EPS for the current fiscal year.

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.