Baker Avenue Asset Management Increases Stake in AppFolio, Inc. (NASDAQ:APPF)

Baker Avenue Asset Management LP has raised its investment in AppFolio, Inc. (NASDAQ:APPF) by 16.5% during the third quarter, as reported in its latest filing with the Securities and Exchange Commission. Following this increase, the firm now holds 21,483 shares in the software company, after acquiring an additional 3,038 shares in the quarter. As of the most recent filing, Baker Avenue Asset Management LP owns about 0.06% of AppFolio, which is valued at $5,057,000.

Other institutional investors have also recently adjusted their positions in AppFolio. Brighton Jones LLC has slightly increased its investment by 0.9% during the second quarter, bringing its total to 5,805 shares valued at $1,420,000 after buying 49 more shares. Blue Trust Inc. has seen a significant increase of 85.7% in its stake during the third quarter, owning now 117 shares valued at approximately $29,000 after an additional purchase of 54 shares. ProShare Advisors LLC has also raised its holdings by 2.9% during the second quarter to 3,630 shares worth $888,000 after buying 102 more shares. CWM LLC made a substantial increase of 238.6%, owning 149 shares valued at $36,000 after acquiring 105 additional shares. GAMMA Investing LLC has also increased their position by an astonishing 589.5% during the same period, with now 131 shares worth $32,000 after acquiring an additional 112 shares. Collectively, hedge funds and other institutional investors control about 62.34% of AppFolio's stock.

AppFolio Stock Performance

On the market, AppFolio's shares traded down 0.1%, dropping $0.19 to reach $228.20 in midday trading. The trading volume was 195,392 shares, which is lower than the average volume of 318,012 shares. AppFolio has a market capitalization of $8.29 billion, a PE ratio of 63.57, and a beta of 0.83. Over the past year, the stock has hit a low of $164.29 and a high of $274.56, with a 50-day moving average at $221.31 and a 200-day moving average at $230.97.

Recently, AppFolio announced its quarterly earnings on October 24th, reporting earnings per share (EPS) of $1.29 which surpassed the consensus estimate of $1.03 by $0.26. The company's revenue for the quarter stood at $206 million, exceeding analysts’ expectations of $199.11 million. AppFolio showcased a return on equity of 30.64% and a net margin of 17.26%. This represents a year-over-year revenue increase of 24.5%, compared to the previous year's same period where the EPS was $0.26. Analysts forecast that AppFolio will achieve EPS of 3.23 for the current year.

Analysts' Opinions

Market analysts have recently made several comments regarding AppFolio shares. Keefe, Bruyette & Woods downgraded the stock from a 'market perform' to 'underperform,' lowering the price target from $255 to $193 on October 15th. In contrast, JPMorgan Chase & Co. raised their target price from $260 to $328, maintaining an 'overweight' rating. Piper Sandler Companies reaffirmed their 'overweight' rating, initially setting a target of $300, but later reducing it to $265 on October 25th. DA Davidson also increased their price target from $285 to $300, maintaining a 'buy' rating. Currently, one analyst rates the stock as a sell, one as hold, and seven as buy, giving it a consensus rating of 'Moderate Buy' with an average target price of $261.75.

Insider Transactions

In terms of insider activity, major shareholder Maurice J. Duca sold 2,968 shares on August 26th at an average price of $234.87, resulting in a total transaction value of approximately $697,094. Following this sale, Duca retains ownership of 24,500 shares valued at $5,754,315. Another insider, Matthew S. Mazza, sold 2,371 shares on August 15th for an average price of $221.22, totaling $524,512.62. Mazza's remaining shares amount to 39,980, which is valued at $8,844,375.63. Over the past three months, insiders have sold a combined total of 17,652 shares valued at $4,053,818, representing 5.24% of the total stock held by company insiders.

About AppFolio

AppFolio, Inc., along with its subsidiaries, provides innovative cloud-based business management solutions specifically tailored for the real estate sector in the United States. Its offerings include a comprehensive platform designed to automate and enhance common workflows and provide tools for leasing, maintenance, accounting, and other third-party services.

AppFolio, Investment, Shares