KeyCorp Comments on AppFolio Inc’s FY2018 Earnings (APPF)

AppFolio Inc (NASDAQ:APPF) – Analysts at KeyCorp lowered their FY2018 EPS estimates for shares of AppFolio in a research note issued on Monday, October 29th. KeyCorp analyst M. Garg now expects that the software maker will earn $0.64 per share for the year, down from their prior estimate of $0.71. KeyCorp also issued estimates for AppFolio’s Q4 2018 earnings at $0.15 EPS, Q1 2019 earnings at $0.22 EPS, Q2 2019 earnings at $0.27 EPS, Q3 2019 earnings at $0.30 EPS and FY2019 earnings at $1.05 EPS.

AppFolio (NASDAQ:APPF) last released its earnings results on Monday, October 29th. The software maker reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.05). AppFolio had a return on equity of 20.57% and a net margin of 11.20%. The business had revenue of $50.13 million for the quarter, compared to analysts’ expectations of $47.72 million. The company’s quarterly revenue was up 32.2% compared to the same quarter last year.

Other analysts have also recently issued research reports about the company. BidaskClub cut AppFolio from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Zacks Investment Research upgraded AppFolio from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Thursday, August 2nd. Finally, Morgan Stanley increased their target price on AppFolio from $52.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, July 31st. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. AppFolio currently has an average rating of “Hold” and an average price target of $70.50.

NASDAQ:APPF opened at $58.87 on Thursday. AppFolio has a 12-month low of $37.56 and a 12-month high of $91.49. The stock has a market cap of $1.86 billion, a P/E ratio of 210.25 and a beta of 0.89.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in AppFolio by 37.3% during the 2nd quarter. BlackRock Inc. now owns 894,987 shares of the software maker’s stock valued at $54,728,000 after buying an additional 243,372 shares in the last quarter. Renaissance Technologies LLC grew its holdings in AppFolio by 3.6% during the 2nd quarter. Renaissance Technologies LLC now owns 500,400 shares of the software maker’s stock valued at $30,599,000 after buying an additional 17,200 shares in the last quarter. Granite Investment Partners LLC purchased a new position in AppFolio during the 2nd quarter valued at approximately $16,046,000. Northern Trust Corp grew its holdings in 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. Finally, Dimensional Fund Advisors LP grew its holdings in AppFolio by 33.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 163,403 shares of the software maker’s stock valued at $9,992,000 after buying an additional 41,172 shares in the last quarter. Institutional investors and hedge funds own 30.01% of the company’s stock.

About AppFolio

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.

Further Reading: NASDAQ

Earnings History and Estimates for AppFolio (NASDAQ:APPF)

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