Renaissance Technologies LLC Has $53.56 Million Stake in AppFolio, Inc. (NASDAQ:APPF)

Renaissance Technologies LLC lowered its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 15.0% during the second quarter, HoldingsChannel reports. The fund owned 219,000 shares of the software maker’s stock after selling 38,500 shares during the quarter. Renaissance Technologies LLC’s holdings in AppFolio were worth $53,561,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of AppFolio by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker’s stock valued at $531,139,000 after buying an additional 73,965 shares during the period. Gilder Gagnon Howe & Co. LLC grew its holdings in AppFolio by 3.8% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 421,309 shares of the software maker’s stock worth $72,988,000 after acquiring an additional 15,283 shares during the last quarter. Bank of New York Mellon Corp increased its position in AppFolio by 13.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 241,801 shares of the software maker’s stock valued at $59,137,000 after acquiring an additional 28,673 shares during the period. Norges Bank bought a new position in shares of AppFolio during the fourth quarter valued at $38,458,000. Finally, Zeno Equity Partners LLP acquired a new position in shares of AppFolio during the fourth quarter worth $33,434,000. Institutional investors and hedge funds own 62.34% of the company’s stock.

AppFolio Stock Performance

Shares of APPF stock opened at $229.19 on Wednesday. AppFolio, Inc. has a fifty-two week low of $164.29 and a fifty-two week high of $274.56. The stock has a 50 day simple moving average of $232.44 and a two-hundred day simple moving average of $233.29. The company has a market cap of $8.30 billion, a P/E ratio of 110.72 and a beta of 0.81.

AppFolio (NASDAQ:APPF) last released its quarterly earnings data on Thursday, July 25th. The software maker reported $1.12 earnings per share for the quarter, beating 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 company had revenue of $197.38 million during the quarter, compared to analyst estimates of $190.57 million. During the same quarter in the previous year, the business posted ($0.53) EPS. AppFolio’s revenue for the quarter 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 year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on AppFolio from $260.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. DA Davidson increased their price target on AppFolio from $285.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Piper Sandler Companies restated an “overweight” rating and set a $300.00 price objective on shares of AppFolio in a research report on Friday, July 26th. Piper Sandler upped their target price on AppFolio from $295.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, StockNews.com downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, AppFolio has an average rating of “Moderate Buy” and an average price target of $277.75.

Insider Buying and Selling at AppFolio

In other news, CEO William Shane Trigg sold 3,501 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $218.98, for a total transaction of $766,648.98. Following the transaction, the chief executive officer now owns 81,699 shares of the company’s stock, valued at approximately $17,890,447.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William Shane Trigg sold 3,501 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $218.98, for a total transaction 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 available through the SEC website. Also, Director Blottnitz Andreas Von sold 5,111 shares of the stock in a transaction on Wednesday, June 26th. The stock was 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 in the company, valued at $2,123,241.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,254 shares of company stock valued at $14,241,974. Corporate insiders own 9.15% of the company’s stock.

AppFolio Profile

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.