Bank of New York Mellon Corp raised its position in AppFolio Inc (NASDAQ:APPF) by 80.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 77,537 shares of the software maker’s stock after acquiring an additional 34,491 shares during the period. Bank of New York Mellon Corp owned approximately 0.23% of AppFolio worth $4,741,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in APPF. Metropolitan Life Insurance Co. NY boosted its stake in shares of AppFolio by 60.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 4,857 shares of the software maker’s stock worth $297,000 after purchasing an additional 1,831 shares during the last quarter. Voya Investment Management LLC acquired a new position in AppFolio during the second quarter valued at approximately $315,000. Victory Capital Management Inc. lifted its position in AppFolio by 15.9% during the second quarter. Victory Capital Management Inc. now owns 6,476 shares of the software maker’s stock valued at $396,000 after buying an additional 888 shares in the last quarter. MetLife Investment Advisors LLC lifted its position in AppFolio by 68.7% during the second quarter. MetLife Investment Advisors LLC now owns 6,877 shares of the software maker’s stock valued at $421,000 after buying an additional 2,800 shares in the last quarter. Finally, Summit Global Investments acquired a new position in AppFolio during the second quarter valued at approximately $648,000. Institutional investors own 30.60% of the company’s stock.
AppFolio stock traded up $0.65 during midday trading on Friday, hitting $61.24. The company’s stock had a trading volume of 60,356 shares, compared to its average volume of 130,611. The stock has a market cap of $2.11 billion, a PE ratio of 218.71 and a beta of 1.28. AppFolio Inc has a 12 month low of $37.56 and a 12 month high of $91.49.
AppFolio (NASDAQ:APPF) last issued its earnings results on Monday, October 29th. The software maker reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.05). The business had revenue of $50.13 million during the quarter, compared to analyst estimates of $47.72 million. AppFolio had a net margin of 11.20% and a return on equity of 20.57%. The company’s revenue for the quarter was up 32.2% on a year-over-year basis. Equities research analysts anticipate that AppFolio Inc will post 0.62 EPS for the current fiscal year.
In other news, Director William R. Rauth III sold 20,000 shares of the stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $63.40, for a total value of $1,268,000.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $1,268,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jason Robert Randall sold 7,500 shares of the company’s stock in a transaction on Wednesday, January 2nd. The shares were sold at an average price of $58.22, for a total value of $436,650.00. The disclosure for this sale can be found here. Insiders own 41.96% of the company’s stock.
APPF has been the topic of a number of recent research reports. BidaskClub cut shares of AppFolio from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Zacks Investment Research lowered shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. TheStreet lowered shares of AppFolio from a “b-” rating to a “c+” rating in a research note on Thursday, November 1st. Finally, DA Davidson started coverage on shares of AppFolio in a research note on Wednesday, December 5th. They issued a “neutral” rating and a $66.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. AppFolio has a consensus rating of “Hold” and an average price target of $62.33.
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AppFolio Company Profile
AppFolio, Inc provides industry-specific cloud-based software solutions for small and medium-sized businesses in the property management and legal industries. It offers AppFolio Property Manager, a cloud-based software solution for the real estate market that provides property managers of various sizes and tools and services designed to streamline their property management businesses, such as posting and tracking vacancies, leasing vacant properties, and accounting, as well as facilitating tenant, owner, and vendor communications.
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