Zacks Investment Research downgraded shares of AppFolio Inc. (NASDAQ:APPF) from a buy rating to a hold rating in a research report sent to investors 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. “
Separately, Credit Suisse Group AG began coverage on shares of AppFolio in a research report on Tuesday, August 9th. They set a hold rating and a $18.00 price target for the company.
AppFolio (NASDAQ:APPF) opened at 18.70 on Tuesday. The firm has a 50-day moving average price of $18.97 and a 200-day moving average price of $15.47. The firm’s market capitalization is $629.18 million. AppFolio has a 1-year low of $11.07 and a 1-year high of $19.98.
AppFolio (NASDAQ:APPF) last announced its earnings results on Monday, August 8th. The company reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.06. AppFolio had a negative net margin of 16.11% and a negative return on equity of 20.16%. Equities analysts expect that AppFolio will post ($0.30) earnings per share for the current fiscal year.
In other news, insider Jonathan Walker sold 60,000 shares of AppFolio stock in a transaction on Friday, August 19th. The shares were sold at an average price of $18.00, for a total transaction of $1,080,000.00. Following the transaction, the insider now owns 60,000 shares in the company, valued at approximately $1,080,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Keenan Capital, Llc sold 5,700 shares of AppFolio stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $19.67, for a total transaction of $112,119.00. The disclosure for this sale can be found here.
Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in shares of AppFolio by 33.2% in the first quarter. State Street Corp now owns 70,851 shares of the company’s stock valued at $867,000 after buying an additional 17,652 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of AppFolio by 7.1% in the first quarter. Geode Capital Management LLC now owns 41,614 shares of the company’s stock valued at $509,000 after buying an additional 2,758 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of AppFolio by 23.0% in the second quarter. Bank of New York Mellon Corp now owns 24,981 shares of the company’s stock valued at $361,000 after buying an additional 4,664 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of AppFolio by 32.5% in the second quarter. California State Teachers Retirement System now owns 15,938 shares of the company’s stock valued at $230,000 after buying an additional 3,912 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of AppFolio by 66.3% in the second quarter. Vanguard Group Inc. now owns 244,405 shares of the company’s stock valued at $3,534,000 after buying an additional 97,398 shares in the last quarter. Institutional investors and hedge funds own 13.35% 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.