AppFolio (NASDAQ:APPF) Shares Gap Up on Analyst Upgrade

AppFolio, Inc. (NASDAQ:APPF) gapped up prior to trading on Friday after KeyCorp raised their price target on the stock from $264.00 to $275.00. The stock had previously closed at $216.65, but opened at $243.90. KeyCorp currently has an overweight rating on the stock. AppFolio shares last traded at $248.44, with a volume of 126,173 shares changing hands.

A number of other research firms also recently weighed in on APPF. BTIG Research initiated coverage on AppFolio in a report on Friday, January 19th. They issued a “buy” rating and a $215.00 price objective for the company. Stephens restated an “overweight” rating and issued a $241.00 price objective on shares of AppFolio in a report on Friday, January 26th. Finally, JPMorgan Chase & Co. increased their price target on AppFolio from $228.00 to $237.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $241.60.

Insiders Place Their Bets

In other news, Director Blottnitz Andreas Von sold 4,500 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $226.56, for a total value of $1,019,520.00. Following the completion of the sale, the director now directly owns 5,449 shares in the company, valued at approximately $1,234,525.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Timothy K. Bliss sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $227.24, for a total value of $2,272,400.00. Following the transaction, the director now owns 51,070 shares of the company’s stock, valued at approximately $11,605,146.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Blottnitz Andreas Von sold 4,500 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.56, for a total transaction of $1,019,520.00. Following the completion of the transaction, the director now directly owns 5,449 shares in the company, valued at approximately $1,234,525.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,489 shares of company stock worth $3,531,011. Company insiders own 9.15% of the company’s stock.

Hedge Funds Weigh In On AppFolio

Several hedge funds have recently modified their holdings of APPF. Norges Bank bought a new position in shares of AppFolio during the 4th quarter worth approximately $38,458,000. Zeno Equity Partners LLP purchased a new stake in shares of AppFolio during the 4th quarter worth approximately $33,434,000. Lord Abbett & CO. LLC purchased a new stake in shares of AppFolio during the 3rd quarter worth approximately $33,062,000. Assenagon Asset Management S.A. increased its stake in shares of AppFolio by 344.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 155,127 shares of the software maker’s stock worth $38,276,000 after purchasing an additional 120,246 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of AppFolio during the 4th quarter worth approximately $18,636,000. Institutional investors own 62.34% of the company’s stock.

AppFolio Stock Performance

The firm has a market capitalization of $9.20 billion, a PE ratio of 8,187.40 and a beta of 0.80. The business’s 50 day moving average is $229.89 and its two-hundred day moving average is $204.61.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, January 25th. The software maker reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.29. The business had revenue of $171.83 million for the quarter, compared to analysts’ expectations of $162.80 million. AppFolio had a negative return on equity of 8.58% and a net margin of 0.44%. As a group, equities research analysts predict that AppFolio, Inc. will post 2.66 EPS for the current year.

About AppFolio

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.