State Street Corp raised its stake in AppFolio Inc (NASDAQ:APPF) by 23.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 125,619 shares of the software maker’s stock after purchasing an additional 23,912 shares during the quarter. State Street Corp owned 0.37% of AppFolio worth $4,095,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Sei Investments Co. raised its holdings in shares of AppFolio by 50,928.6% during the second quarter. Sei Investments Co. now owns 3,572 shares of the software maker’s stock valued at $117,000 after acquiring an additional 3,565 shares in the last quarter. UBS Group AG grew its stake in AppFolio by 232.9% in the first quarter. UBS Group AG now owns 5,187 shares of the software maker’s stock worth $142,000 after purchasing an additional 3,629 shares during the period. Russell Investments Group Ltd. purchased a new stake in AppFolio in the second quarter worth $178,000. Parametric Portfolio Associates LLC purchased a new stake in AppFolio in the second quarter worth $214,000. Finally, Bessemer Group Inc. purchased a new stake in AppFolio in the second quarter worth $241,000. Hedge funds and other institutional investors own 24.85% of the company’s stock.
In other news, Director Janet Kerr sold 1,576 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $43.08, for a total transaction of $67,894.08. Following the transaction, the director now directly owns 17,189 shares of the company’s stock, valued at $740,502.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jonathan Walker sold 30,000 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $44.58, for a total value of $1,337,400.00. Following the transaction, the insider now directly owns 1,554,025 shares in the company, valued at $69,278,434.50. The disclosure for this sale can be found here. Corporate insiders own 44.77% of the company’s stock.
AppFolio (NASDAQ:APPF) last released its earnings results on Monday, November 6th. The software maker reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. AppFolio had a return on equity of 7.91% and a net margin of 4.37%. The firm had revenue of $37.90 million for the quarter, compared to analysts’ expectations of $36.16 million. AppFolio’s quarterly revenue was up 34.6% on a year-over-year basis. analysts anticipate that AppFolio Inc will post 0.25 EPS for the current fiscal year.
Several brokerages recently weighed in on APPF. Morgan Stanley upped their price target on AppFolio from $38.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 14th. Zacks Investment Research raised AppFolio from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a research note on Thursday, November 9th. KeyCorp reissued a “hold” rating on shares of AppFolio in a research note on Monday, November 6th. Finally, BidaskClub raised AppFolio from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 17th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $43.00.
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AppFolio, Inc is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company’s mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices.
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