AppFolio (APPF) Upgraded to “Buy” by Zacks Investment Research

AppFolio (NASDAQ:APPF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $46.00 target price on the software maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.43% from the company’s current price.

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. “

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Other analysts have also issued research reports about the company. TheStreet upgraded AppFolio from a “d+” rating to a “c-” rating in a report on Monday, February 26th. Morgan Stanley increased their target price on AppFolio from $46.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. Finally, BidaskClub upgraded AppFolio from a “sell” rating to a “hold” rating in a report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. AppFolio has a consensus rating of “Hold” and an average price target of $43.67.

Shares of APPF traded down $1.00 during trading hours on Monday, hitting $39.85. 94,576 shares of the company were exchanged, compared to its average volume of 115,347. The firm has a market cap of $1,391.68, a PE ratio of 142.32 and a beta of 0.63. AppFolio has a one year low of $25.05 and a one year high of $52.25.

AppFolio (NASDAQ:APPF) last released its quarterly earnings data on Monday, February 26th. The software maker reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.02). The company had revenue of $37.90 million for the quarter, compared to the consensus estimate of $35.48 million. AppFolio had a return on equity of 12.48% and a net margin of 6.76%. AppFolio’s revenue was up 35.3% on a year-over-year basis. equities research analysts expect that AppFolio will post 0.37 EPS for the current fiscal year.

In other news, CEO Jason Robert Randall sold 25,000 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $43.00, for a total value of $1,075,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William R. Rauth III sold 20,000 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $42.53, for a total value of $850,600.00. Following the completion of the sale, the director now owns 20,000 shares of the company’s stock, valued at approximately $850,600. The disclosure for this sale can be found here. 44.77% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in APPF. State Street Corp raised its holdings in shares of AppFolio by 23.5% during the second quarter. State Street Corp now owns 125,619 shares of the software maker’s stock worth $4,095,000 after acquiring an additional 23,912 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of AppFolio by 11.0% during the second quarter. The Manufacturers Life Insurance Company now owns 7,782 shares of the software maker’s stock worth $254,000 after acquiring an additional 774 shares in the last quarter. Sei Investments Co. raised its holdings in shares of AppFolio by 60.0% during the third quarter. Sei Investments Co. now owns 5,715 shares of the software maker’s stock worth $274,000 after acquiring an additional 2,143 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in shares of AppFolio during the third quarter worth $954,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of AppFolio during the third quarter worth $1,886,000. Institutional investors and hedge funds own 27.34% of the company’s stock.

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About AppFolio

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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