AppFolio, Inc. (NASDAQ: APPF) has seen its quiet period end after its initial public offering. After selling 6.2 million shares at $12.00 per share, AppFolio has had a post-IPO range of $13.26 to $17.45.

AppFolio builds cloud-based software to help small and mid-sized businesses market, manage and grow their business in the legal and property management industries.

Morgan Stanley and Credit Suisse Securities were AppFolio’s joint book-running managers for the offering. The company’s co-managers were listed as being Pacific Crest Securities and William Blair. The company also granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of its common stock.

The initial analyst coverage has been seen as follows:

• Credit Suisse – Neutral with a $19 price target;
• Morgan Stanley – Overweight with a $22 price target;
• Pacific Crest – Sector Weight;
• William Blair – Outperform.

The Credit Suisse report with a Neutral rating was the only call we saw formal detailed notes on. The firm said that total addressable market concerns remain in current verticals, and that average review per user expansion assumptions are aggressive despite an attractive entry-level pricing and value. Credit Suisse is concerned about price elasticity and revenue per user expansion prospects over time.

AppFolio was one of those IPOs which did not exactly come storming out of the gate.

AppFolio shares closed at $14.08 in its first trading day on June 26, with some 3,529,122 shares trading hands. That is not very high volume considering the 6.2 million shares sold on that first day. AppFolio’s highest closing price since the IPO was $17.35 on July 15.

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Shares of AppFolio were last seen down 7% at $15.80 on Tuesday afternoon and the volume was roughly 120,000 shares at 2:00 p.m. Eastern Time.

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