Assenagon Asset Management S.A. Makes New Investment in AppFolio, Inc. $APPF

Key Points

• Assenagon Asset Management S.A. acquired 6,923 shares of AppFolio, Inc. valued at approximately $1.59 million in the second quarter, reflecting growing institutional interest in the software maker.
• AppFolio has seen a series of positive upgrades from analysts, with Piper Sandler raising its target price to $350.00, contributing to a consensus rating of Moderate Buy and an average target of $311.80.
• The company's recent earnings report showed a 19.4% increase in quarterly revenue year-over-year, along with earnings per share (EPS) of $1.38, exceeding expectations.

Assenagon Asset Management S.A. purchased a new position in AppFolio, Inc. (NASDAQ:APPF - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,923 shares of the software maker's stock, valued at approximately $1,594,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in AppFolio by 84.4% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 773,579 shares of the software maker's stock worth $170,110,000 after acquiring an additional 354,061 shares during the period. Principal Financial Group Inc. boosted its stake in shares of AppFolio by 121.2% during the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock valued at $88,375,000 after buying an additional 220,239 shares during the last quarter. Invesco Ltd. boosted its stake in shares of AppFolio by 1.9% during the 1st quarter. Invesco Ltd. now owns 347,125 shares of the software maker's stock valued at $76,333,000 after buying an additional 6,528 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of AppFolio by 23.3% during the 1st quarter. New York State Common Retirement Fund now owns 225,472 shares of the software maker's stock valued at $49,581,000 after buying an additional 42,631 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of AppFolio by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 208,319 shares of the software maker's stock valued at $45,809,000 after buying an additional 1,183 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Piper Sandler upgraded AppFolio from a "neutral" rating to an "overweight" rating and increased their target price for the company from $240.00 to $350.00 in a research note on Friday, August 1st. Keefe, Bruyette & Woods increased their target price on AppFolio from $295.00 to $311.00 and gave the company a "market perform" rating in a research note on Wednesday, September 3rd. Finally, DA Davidson reiterated a "buy" rating and set a $350.00 target price on shares of AppFolio in a research note on Friday, August 1st. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $311.80.

AppFolio Price Performance

Shares of NASDAQ APPF opened at $278.53 on Friday. AppFolio, Inc. has a 1-year low of $189.01 and a 1-year high of $326.04. The business's fifty day moving average price is $277.24 and its two-hundred day moving average price is $240.67. The firm has a market capitalization of $9.99 billion, a PE ratio of 50.28 and a beta of 0.89.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.11. The company had revenue of $235.58 million for the quarter, compared to analyst estimates of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The company's quarterly revenue was up 19.4% compared to the same quarter last year. During the same period last year, the company earned $1.12 earnings per share. AppFolio has set its FY 2025 guidance at EPS. Equities research analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Maurice J. Duca sold 3,100 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $321.38, for a total transaction of $996,278.00. Following the transaction, the insider directly owned 42,400 shares of the company's stock, valued at approximately $13,626,512. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Shane Trigg sold 4,000 shares of the firm's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $276.95, for a total value of $1,107,800.00. Following the transaction, the chief executive officer directly owned 59,556 shares in the company, valued at $16,494,034.20. This trade represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,803 shares of company stock valued at $16,938,949. Company insiders own 4.68% of the company's stock.

AppFolio Company Profile

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.

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