Citigroup Inc. Increases Position in AppFolio, Inc. $APPF

Citigroup Inc. grew its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 140.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,641 shares of the software maker’s stock after purchasing an additional 9,132 shares during the quarter. Citigroup Inc.’s holdings in AppFolio were worth $4,312,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Principal Financial Group Inc. raised its stake in AppFolio by 40.1% during the third quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock worth $321,637,000 after purchasing an additional 333,861 shares during the period. Norges Bank acquired a new position in shares of AppFolio during the second quarter worth about $34,425,000. Long Walk Management LP boosted its holdings in AppFolio by 78.5% in the 2nd quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock worth $63,632,000 after acquiring an additional 121,525 shares during the period. Brown Advisory Inc. boosted its stake in shares of AppFolio by 76.3% in the second quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock valued at $51,327,000 after purchasing an additional 96,470 shares during the period. Finally, Watchtower Advisors LP purchased a new stake in AppFolio during the 2nd quarter worth $14,105,000. 85.19% of the stock is owned by institutional investors and hedge funds.

AppFolio Price Performance

Shares of APPF opened at $188.26 on Thursday. AppFolio, Inc. has a 12 month low of $161.13 and a 12 month high of $326.04. The stock has a fifty day moving average price of $202.56 and a 200 day moving average price of $234.25. The company has a market cap of $6.78 billion, a P/E ratio of 48.52 and a beta of 0.75.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.17. The company had revenue of $248.19 million for the quarter, compared to analysts’ expectations of $246.56 million. AppFolio had a return on equity of 29.79% and a net margin of 14.82%.The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the business posted $0.92 earnings per share. As a group, research analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on APPF. Keefe, Bruyette & Woods cut their price target on AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Piper Sandler dropped their target price on shares of AppFolio from $350.00 to $245.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a research report on Friday, January 30th. DA Davidson decreased their price target on AppFolio from $325.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Finally, Wall Street Zen upgraded AppFolio from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $270.83.

Insider Transactions at AppFolio

In other AppFolio news, CEO William Shane Trigg sold 6,963 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total value of $1,181,829.99. Following the completion of the transaction, the chief executive officer owned 52,920 shares in the company, valued at approximately $8,982,111.60. This represents a 11.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.68% 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.