Fred Alger Management LLC Reduces Stake in AppFolio, Inc.

Fred Alger Management LLC has significantly reduced its investment in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 48.5% during the third quarter of the year. This information is disclosed in the company's latest Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale, Fred Alger Management LLC now holds 184,826 shares of AppFolio's stock, having divested 174,057 shares during this period. As per the most recent SEC filing, the firm possessed about 0.51% of AppFolio, which is valued at approximately $43,508,000.

In addition to Fred Alger Management's actions, other institutional investors have adjusted their positions in AppFolio recently. For instance, Brighton Jones LLC increased its stake by 0.9% in the second quarter and currently owns 5,805 shares valued at about $1,420,000 after acquiring 49 additional shares. Meanwhile, Blue Trust Inc. made a significant 85.7% increase in its investment during the third quarter, now holding 117 shares valued at $29,000 after purchasing 54 shares. Likewise, Northwest & Ethical Investments L.P. rose its stake by 16.0% in the same quarter to hold 725 shares worth $171,000 after acquiring 100 more shares. ProShare Advisors LLC also increased its position by 2.9% in the second quarter, owning 3,630 shares worth $888,000 after buying 102 additional shares. Finally, CWM LLC has boosted its stake by 238.6% during the second quarter, now possessing 149 shares valued at $36,000 after a purchase of 105 additional shares. In total, institutional investors own 62.34% of AppFolio's stock.

Analysts Provide Insights

Several analysts have recently shared their opinions on AppFolio's stock. StockNews.com downgraded the stock from a "buy" rating to a "hold" rating in a report on August 22nd. Meanwhile, Keefe, Bruyette & Woods lowered their rating from "market perform" to "underperform" and reduced the price target from $255.00 to $193.00 in an October 15th report. KeyCorp also lowered their price target from $300.00 to $252.00 while maintaining an "overweight" rating as specified in a report on October 25th. Additionally, Piper Sandler adjusted their price objective for the stock from $300.00 to $265.00, keeping an "overweight" rating on it as of October 25th. Overall, one analyst has given the stock a sell rating, one has labeled it as a hold, and seven analysts consider it a buy. According to MarketBeat.com, the average rating for the stock is classified as a "Moderate Buy," with an average price target set at $261.75.

Insider Moves at AppFolio

In recent insider transactions, notable shareholder Maurice J. Duca sold 2,700 shares of AppFolio on September 20th, with the shares sold at an average price of $234.05, accumulating a total of $631,935. After this transaction, Duca owns 14,716 shares valued at around $3,444,279.80, reflecting a 15.50% reduction in their ownership. This transaction information was provided in a filing with the SEC. Moreover, insider Matthew S. Mazza sold 926 shares of stock on November 11th, at an average price of $229.04, leading to a total transaction of $212,091.04. Following this sale, Mazza has 33,819 shares valued at approximately $7,745,903.76, which is a 2.67% decrease in their position. Over the past 90 days, insiders have sold a total of 24,461 shares for a value of $5,766,272. It is worth noting that corporate insiders hold a total of 5.24% of AppFolio's stock.

Performance Overview of AppFolio

As of the last trading session, AppFolio's shares opened at $254.82. The company shows a 50-day simple moving average of $224.84 and a two-hundred-day average of $231.25. The total market capitalization stands at $9.26 billion, with a price-to-earnings ratio of 70.98, and a beta of 0.83. Throughout the last year, AppFolio's shares hit a low of $164.29 and reached a high of $274.56. The company recently reported its earnings results on October 24th, revealing earnings per share of $1.29, which surpassed analysts' expectations of $1.03 by $0.26. The reported revenue totaled $206 million for the quarter, compared to the predicted revenue of $199.11 million. AppFolio's net margin was recorded at 17.26%, with a return on equity of 30.64%. The revenue grew by 24.5% year-over-year, showing significant improvement from the previous year's quarter when the earnings per share were only $0.26. Analysts project that AppFolio, Inc. will reach an EPS of 3.23 for the current year.

Company Background

AppFolio, Inc., along with its subsidiaries, specializes in providing cloud-based business management solutions tailored for the real estate industry across the United States. Their platform facilitates automation and optimization of essential workflows and offers services such as leasing, maintenance, and accounting, along with various technologies and services provided by third-party vendors.

Further Resources

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For a closer look at hedge fund holdings in APPF, visit reputable financial resources for insights on the latest 13F filings and insider trades for AppFolio, Inc. (NASDAQ:APPF - Free Report).

This news summary has been compiled using advanced financial analytics technology to deliver timely and accurate investment information.

Investment Consideration

Before making any investment decisions regarding AppFolio, potential investors should carefully review current market analyses and stock recommendations. Although AppFolio is rated with a "Moderate Buy" status among analysts, there are several other stocks that top experts are currently suggesting as better investment opportunities.

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