Summit Global Investments Sells 1,613 Shares of AppFolio, Inc. (NASDAQ:APPF)

Summit Global Investments lowered its stake in AppFolio, Inc. (NASDAQ:APPF) by 50.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,612 shares of the software maker’s stock after selling 1,613 shares during the period. Summit Global Investments’ holdings in AppFolio were worth $398,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in APPF. State Street Corp boosted its stake in shares of AppFolio by 8.2% during the 3rd quarter. State Street Corp now owns 653,136 shares of the software maker’s stock valued at $153,748,000 after purchasing an additional 49,238 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in AppFolio by 82.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker’s stock valued at $108,116,000 after acquiring an additional 207,204 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of AppFolio by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 413,032 shares of the software maker’s stock worth $97,252,000 after acquiring an additional 32,743 shares during the period. DF Dent & Co. Inc. raised its position in shares of AppFolio by 10.1% in the 3rd quarter. DF Dent & Co. Inc. now owns 351,691 shares of the software maker’s stock worth $82,788,000 after acquiring an additional 32,181 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of AppFolio by 31.2% in the 3rd quarter. Franklin Resources Inc. now owns 228,655 shares of the software maker’s stock valued at $51,800,000 after purchasing an additional 54,386 shares during the period. 85.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APPF has been the topic of several recent research reports. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a research note on Friday, January 31st. Piper Sandler reiterated a “neutral” rating and issued a $265.00 price target on shares of AppFolio in a research note on Friday, January 31st. Stephens reissued an “overweight” rating and set a $295.00 price objective on shares of AppFolio in a research note on Friday, January 31st. Finally, KeyCorp cut shares of AppFolio from an “overweight” rating to a “sector weight” rating and set a $253.00 price objective on the stock. in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $276.29.

AppFolio Stock Performance

Shares of NASDAQ APPF opened at $220.60 on Tuesday. The company has a market cap of $8.03 billion, a PE ratio of 39.75 and a beta of 0.89. The firm’s 50 day moving average price is $227.40 and its 200-day moving average price is $232.45. AppFolio, Inc. has a 52-week low of $189.01 and a 52-week high of $274.56.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, January 30th. The software maker reported $0.58 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.34). AppFolio had a net margin of 25.69% and a return on equity of 26.21%. On average, analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Alexander Wolf purchased 9,678 shares of AppFolio stock in a transaction dated Thursday, February 13th. The stock was purchased at an average cost of $214.81 per share, for a total transaction of $2,078,931.18. Following the completion of the purchase, the director now directly owns 3,226 shares of the company’s stock, valued at $692,977.06. The trade was a -150.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William Shane Trigg sold 3,501 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $217.27, for a total transaction of $760,662.27. Following the transaction, the chief executive officer now owns 83,824 shares in the company, valued at approximately $18,212,440.48. This trade represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. 5.24% of the stock is owned by corporate insiders.

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.