State Street Corp Boosts Stake in AppFolio, Inc. (NASDAQ:APPF)

State Street Corp increased its position in AppFolio, Inc. (NASDAQ:APPF) by 8.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 653,136 shares of the software maker’s stock after purchasing an additional 49,238 shares during the period. State Street Corp’s holdings in AppFolio were worth $153,748,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Summit Global Investments purchased a new stake in shares of AppFolio in the 3rd quarter valued at about $759,000. Captrust Financial Advisors lifted its position in AppFolio by 183.3% during the 3rd quarter. Captrust Financial Advisors now owns 4,374 shares of the software maker’s stock worth $1,030,000 after acquiring an additional 2,830 shares during the period. Baker Avenue Asset Management LP lifted its position in AppFolio by 16.5% during the 3rd quarter. Baker Avenue Asset Management LP now owns 21,483 shares of the software maker’s stock worth $5,057,000 after acquiring an additional 3,038 shares during the period. TD Asset Management Inc lifted its position in AppFolio by 48.1% during the 2nd quarter. TD Asset Management Inc now owns 8,000 shares of the software maker’s stock worth $1,957,000 after acquiring an additional 2,600 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in AppFolio by 56.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock worth $92,000 after acquiring an additional 141 shares during the period. 85.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APPF. Piper Sandler decreased their price objective on AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. KeyCorp decreased their price objective on AppFolio from $300.00 to $252.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. StockNews.com cut AppFolio from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, Keefe, Bruyette & Woods cut AppFolio from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $255.00 to $193.00 in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $261.75.

AppFolio Price Performance

NASDAQ APPF opened at $259.18 on Friday. AppFolio, Inc. has a 1-year low of $164.29 and a 1-year high of $274.56. The company has a market capitalization of $9.42 billion, a P/E ratio of 72.20 and a beta of 0.86. The business has a 50 day moving average price of $230.94 and a 200 day moving average price of $232.77.

AppFolio (NASDAQ:APPF) last released its quarterly earnings data on Thursday, October 24th. The software maker reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.26. AppFolio had a return on equity of 30.64% and a net margin of 17.26%. The firm had revenue of $206.00 million during the quarter, compared to the consensus estimate of $199.11 million. During the same period last year, the business posted $0.26 EPS. AppFolio’s quarterly revenue was up 24.5% on a year-over-year basis. On average, research analysts expect that AppFolio, Inc. will post 3.23 earnings per share for the current fiscal year.

Insider Activity at AppFolio

In related news, major shareholder Maurice J. Duca sold 2,700 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $234.05, for a total value of $631,935.00. Following the completion of the transaction, the insider now directly owns 14,716 shares of the company’s stock, valued at $3,444,279.80. This trade represents a 15.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Shane Trigg sold 3,500 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $229.85, for a total value of $804,475.00. Following the sale, the chief executive officer now owns 74,327 shares in the company, valued at approximately $17,084,060.95. This trade represents a 4.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,806 shares of company stock valued at $7,164,293 in the last ninety days. Corporate insiders own 5.24% of the company’s stock.

AppFolio Profile

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.