Geode Capital Management LLC Purchases 11,588 Shares of AppFolio, Inc. $APPF

Geode Capital Management LLC lifted its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 472,491 shares of the software maker’s stock after purchasing an additional 11,588 shares during the quarter. Geode Capital Management LLC’s holdings in AppFolio were worth $109,947,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in APPF. Hudson Way Capital Management LLC bought a new stake in shares of AppFolio during the third quarter valued at approximately $53,367,000. Vanguard Group Inc. lifted its holdings in shares of AppFolio by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after purchasing an additional 101,466 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of AppFolio by 1,643.8% during the fourth quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock valued at $22,370,000 after purchasing an additional 90,639 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of AppFolio by 15.6% during the fourth quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker’s stock valued at $148,487,000 after purchasing an additional 86,272 shares in the last quarter. Finally, Invesco Ltd. increased its position in AppFolio by 26.1% during the third quarter. Invesco Ltd. now owns 395,651 shares of the software maker’s stock valued at $109,065,000 after acquiring an additional 81,778 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

APPF has been the subject of a number of research reports. Wall Street Zen raised AppFolio from a “hold” rating to a “buy” rating in a research note on Sunday, March 15th. Weiss Ratings raised shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, May 26th. Piper Sandler decreased their price target on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Benchmark raised their price target on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Finally, UBS Group set a $210.00 price target on AppFolio in a research note on Friday, April 24th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, AppFolio presently has an average rating of “Moderate Buy” and a consensus price target of $252.29.

AppFolio Trading Up 2.0%

APPF opened at $166.94 on Friday. The firm has a market cap of $5.90 billion, a price-to-earnings ratio of 39.75 and a beta of 0.80. AppFolio, Inc. has a 12 month low of $142.73 and a 12 month high of $326.04. The stock has a fifty day moving average price of $160.13 and a 200-day moving average price of $190.31.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.14. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The firm had revenue of $262.21 million for the quarter, compared to the consensus estimate of $258.13 million. During the same period in the previous year, the business earned $1.21 EPS. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities research analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current year.

Insider Buying and Selling at AppFolio

In other news, insider Elizabeth Erin Barat sold 1,978 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total value of $312,761.36. Following the completion of the transaction, the insider directly owned 21,545 shares in the company, valued at $3,406,695.40. This trade represents a 8.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Shane Trigg sold 3,584 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $546,560.00. Following the completion of the transaction, the chief executive officer owned 76,547 shares of the company’s stock, valued at approximately $11,673,417.50. The trade was a 4.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.57% of the stock is owned by insiders.

AppFolio Profile

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.