Fred Alger Management LLC Sells 174,057 Shares of AppFolio, Inc. (NASDAQ:APPF)

Fred Alger Management LLC decreased its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 48.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 184,826 shares of the software maker’s stock after selling 174,057 shares during the period. Fred Alger Management LLC’s holdings in AppFolio were worth $43,508,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in AppFolio by 85.7% during the third quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock valued at $29,000 after purchasing an additional 54 shares during the period. GAMMA Investing LLC raised its position in AppFolio by 589.5% in the second quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock worth $32,000 after acquiring an additional 112 shares during the period. CWM LLC raised its position in AppFolio by 238.6% in the second quarter. CWM LLC now owns 149 shares of the software maker’s stock worth $36,000 after acquiring an additional 105 shares during the period. Advisors Asset Management Inc. raised its position in AppFolio by 291.3% in the first quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock worth $44,000 after acquiring an additional 134 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in AppFolio by 688.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock worth $52,000 after acquiring an additional 186 shares during the period. Institutional investors own 62.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on APPF. Piper Sandler decreased their price target on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. StockNews.com downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. KeyCorp decreased their price target 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. Finally, Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $255.00 to $193.00 in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $261.75.

AppFolio Price Performance

Shares of NASDAQ APPF opened at $254.82 on Friday. The firm has a fifty day moving average price of $224.84 and a 200-day moving average price of $231.25. The stock has a market cap of $9.26 billion, a PE ratio of 70.98 and a beta of 0.83. AppFolio, Inc. has a 1 year low of $164.29 and a 1 year high of $274.56.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.26. The firm had revenue of $206.00 million during the quarter, compared to analysts’ expectations of $199.11 million. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. On average, research analysts expect that AppFolio, Inc. will post 3.23 EPS for the current year.

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 3,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $229.85, for a total transaction of $804,475.00. Following the completion of the transaction, the chief executive officer now directly owns 74,327 shares of the company’s stock, valued at approximately $17,084,060.95. This trade represents a 4.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Maurice J. Duca sold 2,577 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $250.75, for a total transaction of $646,182.75. Following the transaction, the insider now directly owns 2,875 shares of the company’s stock, valued at $720,906.25. The trade was a 47.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,461 shares of company stock valued at $5,766,272. Corporate insiders own 5.24% of the company’s stock.

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.