First Citizens Bank & Trust Co. Buys 3,301 Shares of AppFolio, Inc. $APPF

First Citizens Bank & Trust Co. boosted its stake in AppFolio, Inc. (NASDAQ:APPF) by 263.0% during the second quarter, Holdings Channel.com reports. The firm owned 4,556 shares of the software maker’s stock after buying an additional 3,301 shares during the period. First Citizens Bank & Trust Co.’s holdings in AppFolio were worth $1,049,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System increased its stake in shares of AppFolio by 80.8% in the first quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker’s stock worth $1,929,000 after buying an additional 3,922 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in AppFolio in the 1st quarter worth $420,000. Janney Montgomery Scott LLC purchased a new position in shares of AppFolio in the first quarter valued at about $305,000. Oppenheimer Asset Management Inc. increased its position in shares of AppFolio by 34.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker’s stock valued at $1,110,000 after acquiring an additional 1,304 shares during the period. Finally, Northern Trust Corp raised its stake in shares of AppFolio by 0.8% during the first quarter. Northern Trust Corp now owns 193,780 shares of the software maker’s stock valued at $42,612,000 after acquiring an additional 1,493 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Insider Activity

In related news, insider Matthew S. Mazza sold 1,636 shares of AppFolio stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $276.98, for a total transaction of $453,139.28. Following the completion of the transaction, the insider directly owned 25,015 shares of the company’s stock, valued at $6,928,654.70. This trade represents a 6.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Maurice J. Duca sold 2,500 shares of the business’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $275.57, for a total transaction of $688,925.00. Following the sale, the insider directly owned 55,795 shares in the company, valued at $15,375,428.15. The trade was a 4.29% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,803 shares of company stock worth $16,938,949. 4.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on APPF. Weiss Ratings reissued a “buy (b-)” rating on shares of AppFolio in a research note on Friday. Keefe, Bruyette & Woods upgraded AppFolio from a “market perform” rating to an “outperform” rating and set a $311.00 price objective for the company in a report on Friday. Piper Sandler raised AppFolio from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $240.00 to $350.00 in a research note on Friday, August 1st. DA Davidson restated a “buy” rating and set a $350.00 target price on shares of AppFolio in a report on Friday, August 1st. Finally, KeyCorp raised AppFolio from a “sector weight” rating to an “overweight” rating and set a $285.00 price target for the company in a research note on Friday, October 17th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $318.20.

AppFolio Stock Performance

APPF stock opened at $242.68 on Friday. AppFolio, Inc. has a fifty-two week low of $190.24 and a fifty-two week high of $326.04. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of 43.81 and a beta of 0.83. The business’s 50 day moving average price is $262.96 and its two-hundred day moving average price is $243.88.

AppFolio (NASDAQ:APPF) last released its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.11. The company had revenue of $235.58 million for the quarter, compared to analyst estimates of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The firm’s revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 earnings per share. AppFolio has set its FY 2025 guidance at EPS. Sell-side analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

AppFolio Company 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.