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

Fred Alger Management LLC trimmed its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 48.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 184,826 shares of the software maker’s stock after selling 174,057 shares during the period. Fred Alger Management LLC owned about 0.51% of AppFolio worth $43,508,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of AppFolio by 0.9% during the second quarter. Brighton Jones LLC now owns 5,805 shares of the software maker’s stock valued at $1,420,000 after acquiring an additional 49 shares during the last quarter. Blue Trust Inc. increased its position in shares of 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 buying an additional 54 shares during the period. Northwest & Ethical Investments L.P. increased its position in shares of AppFolio by 16.0% during the third quarter. Northwest & Ethical Investments L.P. now owns 725 shares of the software maker’s stock valued at $171,000 after buying an additional 100 shares during the period. ProShare Advisors LLC increased its position in shares of AppFolio by 2.9% during the second quarter. ProShare Advisors LLC now owns 3,630 shares of the software maker’s stock valued at $888,000 after buying an additional 102 shares during the period. Finally, CWM LLC increased its position in shares of AppFolio by 238.6% during the second quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after buying an additional 105 shares during the period. 62.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. StockNews.com cut shares of AppFolio from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Keefe, Bruyette & Woods cut shares of AppFolio from a “market perform” rating to an “underperform” rating and reduced their price target for the company from $255.00 to $193.00 in a research report on Tuesday, October 15th. KeyCorp reduced 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, Piper Sandler cut their price objective on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $261.75.

Insider Transactions at AppFolio

In other news, major shareholder Maurice J. Duca sold 2,700 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $234.05, for a total value of $631,935.00. Following the transaction, the insider now owns 14,716 shares in the company, valued at approximately $3,444,279.80. This represents a 15.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Matthew S. Mazza sold 926 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $229.04, for a total transaction of $212,091.04. Following the transaction, the insider now owns 33,819 shares in the company, valued at approximately $7,745,903.76. This trade represents a 2.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,461 shares of company stock worth $5,766,272. Corporate insiders own 5.24% of the company’s stock.

AppFolio Stock Performance

Shares of APPF opened at $254.82 on Friday. The firm’s 50-day simple moving average is $224.84 and its two-hundred day simple moving average is $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 fifty-two week low of $164.29 and a fifty-two week high of $274.56.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.26. The firm had revenue of $206.00 million for the quarter, compared to the consensus estimate of $199.11 million. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The business’s revenue was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Equities research analysts predict that AppFolio, Inc. will post 3.23 EPS for the current year.

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.