AppFolio, Inc. (APPF) Upgraded to Buy at Zacks Investment Research
AppFolio, Inc. (NASDAQ:APPF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $55.00 price target on the software maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.99% from the company’s previous close.
According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “
A number of other analysts have also recently issued reports on APPF. KeyCorp reissued a “buy” rating on shares of AppFolio in a research note on Friday, August 11th. BidaskClub cut shares of AppFolio from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 4th. Credit Suisse Group reissued a “neutral” rating and issued a $35.00 price objective (up from $27.00) on shares of AppFolio in a research note on Tuesday, August 8th. Finally, Morgan Stanley increased their price objective on shares of AppFolio from $33.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 8th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $42.67.
AppFolio (APPF) traded down 1.03% on Tuesday, reaching $48.25. 229,519 shares of the company were exchanged. The firm has a market capitalization of $1.64 billion, a P/E ratio of 1556.45 and a beta of 0.76. The firm has a 50-day moving average of $48.04 and a 200 day moving average of $48.04. AppFolio has a 12-month low of $18.75 and a 12-month high of $52.25.
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In other news, major shareholder Global Fund Ii L.P. Dragoneer sold 97,800 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $34.39, for a total value of $3,363,342.00. Following the completion of the sale, the insider now directly owns 68,568 shares of the company’s stock, valued at $2,358,053.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Marc Stad sold 2,227 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $36.75, for a total transaction of $81,842.25. Following the completion of the sale, the insider now directly owns 73,153 shares of the company’s stock, valued at $2,688,372.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 876,527 shares of company stock valued at $31,254,917. Corporate insiders own 44.77% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in APPF. Bank of New York Mellon Corp increased its stake in shares of AppFolio by 9.5% in the first quarter. Bank of New York Mellon Corp now owns 28,094 shares of the software maker’s stock worth $764,000 after purchasing an additional 2,445 shares in the last quarter. American International Group Inc. increased its stake in shares of AppFolio by 7.2% in the first quarter. American International Group Inc. now owns 4,683 shares of the software maker’s stock worth $127,000 after purchasing an additional 314 shares in the last quarter. Vanguard Group Inc. grew its stake in AppFolio by 25.3% during the first quarter. Vanguard Group Inc. now owns 386,278 shares of the software maker’s stock valued at $10,507,000 after acquiring an additional 78,048 shares in the last quarter. Geode Capital Management LLC grew its stake in AppFolio by 12.0% during the first quarter. Geode Capital Management LLC now owns 88,033 shares of the software maker’s stock valued at $2,394,000 after acquiring an additional 9,458 shares in the last quarter. Finally, UBS Group AG grew its stake in AppFolio by 232.9% during the first quarter. UBS Group AG now owns 5,187 shares of the software maker’s stock valued at $142,000 after acquiring an additional 3,629 shares in the last quarter. 20.98% of the stock is owned by hedge funds and other institutional investors.
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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