AppFolio (APPF) Stock Price Down 9.1% Following Weak Earnings

AppFolio Inc (NASDAQ:APPF) shares dropped 9.1% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $51.15 and last traded at $54.36. Approximately 754,300 shares changed hands during trading, an increase of 393% from the average daily volume of 153,086 shares. The stock had previously closed at $59.81.

The software maker reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.05). The business had revenue of $50.13 million for the quarter, compared to analyst estimates of $47.72 million. AppFolio had a return on equity of 20.10% and a net margin of 10.92%. The firm’s quarterly revenue was up 32.2% compared to the same quarter last year.

APPF has been the topic of a number of research analyst reports. Zacks Investment Research lowered AppFolio from a “buy” rating to a “hold” rating in a research report on Monday, October 1st. BidaskClub lowered AppFolio from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, Morgan Stanley raised their price target on AppFolio from $52.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $70.50.



In related news, insider Jonathan Walker sold 30,000 shares of AppFolio stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $73.03, for a total value of $2,190,900.00. Following the sale, the insider now owns 30,000 shares of the company’s stock, valued at approximately $2,190,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William R. Rauth III sold 20,000 shares of AppFolio stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $63.40, for a total value of $1,268,000.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at approximately $1,268,000. The disclosure for this sale can be found here. Company insiders own 41.96% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in AppFolio by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 6,476 shares of the software maker’s stock valued at $396,000 after buying an additional 888 shares during the last quarter. Globeflex Capital L P raised its position in AppFolio by 11.9% in the 2nd quarter. Globeflex Capital L P now owns 11,300 shares of the software maker’s stock valued at $691,000 after buying an additional 1,200 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position 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 valued at $297,000 after buying an additional 1,831 shares during the last quarter. Northern Trust Corp raised its position in AppFolio by 1.8% in the 1st quarter. Northern Trust Corp now owns 127,099 shares of the software maker’s stock valued at $5,192,000 after buying an additional 2,220 shares during the last quarter. Finally, MetLife Investment Advisors LLC raised its position in AppFolio by 68.7% in the 2nd quarter. MetLife Investment Advisors LLC now owns 6,877 shares of the software maker’s stock valued at $421,000 after buying an additional 2,800 shares during the last quarter. 30.01% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $1.99 billion, a PE ratio of 194.14 and a beta of 0.90.

AppFolio Company Profile (NASDAQ:APPF)

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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