Zacks Investment Research lowered shares of AppFolio, Inc. (NASDAQ:APPF) from a strong-buy rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “
Other research analysts have also issued reports about the stock. BidaskClub upgraded shares of AppFolio from a buy rating to a strong-buy rating in a report on Thursday, August 17th. KeyCorp restated a buy rating on shares of AppFolio in a report on Friday, August 11th. Credit Suisse Group restated a neutral rating and issued a $35.00 target price (up from $27.00) on shares of AppFolio in a report on Tuesday, August 8th. Finally, Morgan Stanley upped their target price on shares of AppFolio from $33.00 to $38.00 and gave the company an equal weight rating in a report on Tuesday, August 8th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $38.33.
AppFolio (APPF) opened at 50.90 on Tuesday. AppFolio has a 1-year low of $18.39 and a 1-year high of $52.25. The stock has a market capitalization of $1.73 billion, a P/E ratio of 1641.94 and a beta of 0.76. The stock has a 50 day moving average of $47.14 and a 200 day moving average of $47.14.
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In other news, major shareholder Marc Stad sold 2,227 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $36.75, for a total transaction of $81,842.25. Following the transaction, the insider now directly owns 73,153 shares in the company, valued at approximately $2,688,372.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Global Fund Ii L.P. Dragoneer sold 503,300 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $35.79, for a total transaction of $18,013,107.00. Following the transaction, the insider now owns 52,263 shares in the company, valued at $1,870,492.77. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 972,438 shares of company stock worth $34,571,525. 44.77% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in APPF. Sei Investments Co. lifted its holdings in shares of AppFolio by 50,928.6% during the 2nd quarter. Sei Investments Co. now owns 3,572 shares of the software maker’s stock worth $117,000 after acquiring an additional 3,565 shares during the period. American International Group Inc. lifted its holdings in shares of AppFolio by 7.2% during the 1st quarter. American International Group Inc. now owns 4,683 shares of the software maker’s stock worth $127,000 after acquiring an additional 314 shares during the period. UBS Group AG lifted its holdings in shares of AppFolio by 232.9% during the 1st quarter. UBS Group AG now owns 5,187 shares of the software maker’s stock worth $142,000 after acquiring an additional 3,629 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of AppFolio during the 2nd quarter worth about $178,000. Finally, Parametric Portfolio Associates LLC purchased a new position in shares of AppFolio during the 2nd quarter worth about $214,000. Institutional investors and hedge funds own 20.88% of the company’s stock.
AppFolio, Inc is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company’s mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices.
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