AppFolio (APPF) Downgraded by BidaskClub to Sell

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BidaskClub cut shares of AppFolio (NASDAQ:APPF) from a hold rating to a sell rating in a report released on Friday morning.

APPF has been the topic of a number of other research reports. Zacks Investment Research cut shares of AppFolio from a buy rating to a hold rating in a report on Monday, October 1st. TheStreet upgraded shares of AppFolio from a c rating to a b- rating in a report on Monday, June 25th. Finally, Morgan Stanley boosted their target price on shares of AppFolio from $52.00 to $56.00 and gave the company a sell rating in a report on Tuesday, July 31st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. AppFolio currently has an average rating of Hold and a consensus target price of $70.50.

AppFolio stock traded up $2.29 during mid-day trading on Friday, reaching $64.93. 269,369 shares of the company traded hands, compared to its average volume of 144,830. The company has a market cap of $2.68 billion, a P/E ratio of 231.89 and a beta of 0.90. AppFolio has a 52-week low of $37.56 and a 52-week high of $91.49.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data on Monday, July 30th. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.02. AppFolio had a net margin of 10.92% and a return on equity of 20.10%. The business had revenue of $47.24 million for the quarter, compared to the consensus estimate of $45.55 million. The firm’s revenue was up 31.7% on a year-over-year basis. As a group, sell-side analysts expect that AppFolio will post 0.69 EPS for the current fiscal year.

In other news, insider Jonathan Walker sold 30,000 shares of the business’s stock in a transaction on Thursday, October 4th. The shares were sold at an average price of $73.03, for a total transaction of $2,190,900.00. Following the sale, the insider now owns 30,000 shares in the company, valued at approximately $2,190,900. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 41.96% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Northern Trust Corp boosted its holdings in shares of AppFolio by 69.6% during the 2nd quarter. Northern Trust Corp now owns 215,607 shares of the software maker’s stock valued at $13,186,000 after buying an additional 88,508 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in AppFolio by 80.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 77,537 shares of the software maker’s stock worth $4,741,000 after purchasing an additional 34,491 shares in the last quarter. MetLife Investment Advisors LLC boosted its stake in AppFolio by 68.7% in the 2nd quarter. MetLife Investment Advisors LLC now owns 6,877 shares of the software maker’s stock worth $421,000 after purchasing an additional 2,800 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in AppFolio by 60.5% in 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 in the last quarter. Finally, Zacks Investment Management bought a new position in AppFolio in the 2nd quarter worth about $906,000. Hedge funds and other institutional investors own 29.94% of the company’s stock.

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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