Echo Street Capital Exits AppFolio Stake, Now Holds 0% of Shares

TL;DR

**Echo Street Capital sold all its AppFolio shares; they're out!**

AI Summary

Echo Street Capital Management LLC, an investment advisor, filed an amended Schedule 13G/A on February 8, 2024, indicating they no longer beneficially own any Class A common stock of AppFolio, Inc. As of December 31, 2023, Echo Street Capital Management LLC and its principal, Greg Poole, reported 0 shares with 0% voting and dispositive power. This matters to investors because a significant institutional holder has completely exited their position in AppFolio, Inc., which could signal a change in their investment thesis or outlook for the company.

Why It Matters

This filing shows a major institutional investor, Echo Street Capital Management LLC, has sold off its entire stake in AppFolio, Inc., which could be interpreted as a lack of confidence in the company's future performance.

Risk Assessment

Risk Level: medium — The complete divestment by an institutional investor could indicate potential underlying issues or a negative outlook, increasing risk for current shareholders.

Analyst Insight

Investors should investigate the reasons behind Echo Street Capital's complete divestment from AppFolio, Inc. and consider if their own investment thesis aligns with this institutional exit. This could warrant a deeper dive into AppFolio's recent performance and future outlook.

Key Numbers

• 0 — Aggregate Amount Beneficially Owned (Echo Street Capital Management LLC and Greg Poole now own zero shares of AppFolio, Inc.)
• 0% — Percent of Class Represented (This indicates a complete divestment of their previous holdings in AppFolio, Inc.)

Key Players & Entities

• Echo Street Capital Management LLC (company) — reporting person, investment advisor
• AppFolio, Inc. (company) — subject company, issuer of Class A common stock
• Greg Poole (person) — reporting person, likely principal of Echo Street Capital Management LLC
• 0% (dollar_amount) — percentage of Class A common stock beneficially owned
• December 31, 2023 (date) — date of event requiring the filing

Forward-Looking Statements

• Other institutional investors may re-evaluate their positions in AppFolio, Inc. following Echo Street Capital's exit. (AppFolio, Inc.) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — Name of Issuer) Class A common stock, $0.0001 par value (Title of Class of Securiti

Filing Documents

• d10962472_13g-a.htm (SC 13G/A) — 97KB
• 0000919574-24-000747.txt ( ) — 98KB

From the Filing

SC 13G/A 1 d10962472_13g-a.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1) AppFolio, Inc. (Name of Issuer) Class A common stock, $0.0001 par value (Title of Class of Securities) 03783C100 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [_] Rule 13d-1(c) [_] Rule 13d-1(d) __________ The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No 03783C100 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Echo Street Capital Management LLC 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 0 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA CUSIP No 03783C100 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Greg Poole 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Canada NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 0 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN, HC Item 1. (a). Name of Issuer: AppFolio, Inc. (b). Address of issuer's principal executive offices: 70 Castilian Drive Santa Barbara, California 93117 Item 2. (a). Name of persons filing: Echo Street Capital Management LLC Greg Poole (b). Address or principal business office or, if none, residence: 12 E. 49th Street, 44th Floor New York, NY 10017 (c). Citizenship: Echo Street Capital Management LLC – Delaware Greg Poole – Canada (d). Title of class of securities: Class A common stock, $0.0001 par value (e). CUSIP No.: 03783C100 Item 3. If This Statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a (a) [_] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [_] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [_] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [_] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [X] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); (f) [_] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); (g) [X] A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G); (h) [_] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813); (i) [_] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [_] A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J); (k) [_] Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution; Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: Echo Street Capital Management LLC – 0 shares Greg Poole – 0 shares (b) Percent of class: Echo Street Capital Management LLC – 0% Greg Poole – 0% (c) Number of shares as to which Echo Street Capital Management LLC has: (i) Sole power to vote or to direct the vote 0 , (ii) Shared power to vote or to direct the vote 0 , (iii) Sole power to dispose or to direct the disposition of 0 , (iv) Shar

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