AppFolio, Inc. (NASDAQ:APPF) Sees Large Decrease in Short Interest

AppFolio, Inc. (NASDAQ:APPF) saw a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 485,300 shares, a decrease of 5.7% from the December 31st total of 514,900 shares. Based on an average trading volume of 220,600 shares, the days-to-cover ratio is currently 2.2 days.

AppFolio Stock Performance

Shares of NASDAQ APPF traded down $19.67 during mid-day trading on Friday, reaching $233.91. The company had a trading volume of 996,048 shares, compared to its average volume of 213,548. The stock has a fifty day moving average of $253.82 and a two-hundred day moving average of $235.80. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 65.16 and a beta of 0.87. AppFolio has a 12-month low of $189.01 and a 12-month high of $274.56.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results on Thursday, January 30th. The software maker reported $0.58 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.34). AppFolio had a net margin of 17.26% and a return on equity of 30.64%. Sell-side analysts forecast that AppFolio will post 3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APPF has been the subject of a number of research reports. Piper Sandler reiterated a “neutral” rating and issued a $265.00 price target on shares of AppFolio in a research note on Friday. Stephens restated an “overweight” rating and issued a $295.00 target price on shares of AppFolio in a research report on Friday. Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $255.00 to $193.00 in a report on Tuesday, October 15th. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a research note on Friday. Finally, KeyCorp lowered shares of AppFolio from an “overweight” rating to a “sector weight” rating and set a $253.00 target price for the company. in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $276.29.

Insiders Place Their Bets

In other AppFolio news, major shareholder Maurice J. Duca sold 1,059 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $229.10, for a total transaction of $242,616.90. Following the completion of the sale, the insider now owns 9,388 shares in the company, valued at $2,150,790.80. This trade represents a 10.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew S. Mazza sold 5,090 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $236.24, for a total transaction of $1,202,461.60. Following the sale, the insider now directly owns 28,266 shares of the company’s stock, valued at $6,677,559.84. The trade was a 15.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,606 shares of company stock worth $5,958,832 over the last three months. 5.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in APPF. Summit Global Investments bought a new position in AppFolio in the 3rd quarter worth approximately $759,000. JPMorgan Chase & Co. increased its holdings in AppFolio by 3.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 161,278 shares of the software maker’s stock valued at $37,965,000 after purchasing an additional 5,077 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of AppFolio by 183.3% in the third quarter. Captrust Financial Advisors now owns 4,374 shares of the software maker’s stock valued at $1,030,000 after buying an additional 2,830 shares during the last quarter. Baker Avenue Asset Management LP raised its stake in shares of AppFolio by 16.5% in the third quarter. Baker Avenue Asset Management LP now owns 21,483 shares of the software maker’s stock worth $5,057,000 after acquiring an additional 3,038 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in AppFolio by 56.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock worth $92,000 after purchasing an additional 141 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.

AppFolio Company 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.