First Citizens Bank & Trust Co. Acquires New Shares in AppFolio, Inc. (NASDAQ:APPF)

First Citizens Bank & Trust Co. bought a new stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,255 shares of the software maker's stock, valued at approximately $276,000.

A number of other hedge funds have also recently made changes to their positions in APPF. Barclays PLC lifted its position in AppFolio by 20.5% during the third quarter. Barclays PLC now owns 9,888 shares of the software maker's stock valued at $2,327,000 after purchasing an additional 1,681 shares in the last quarter. Capital Performance Advisors LLP raised its holdings in shares of AppFolio by 56.6% in the fourth quarter. Capital Performance Advisors LLP now owns 1,037 shares of the software maker's stock worth $256,000 after buying an additional 375 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in shares of AppFolio by 8.4% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 9,185 shares of the software maker's stock valued at $2,266,000 after purchasing an additional 710 shares during the period. Principal Financial Group Inc. lifted its position in shares of AppFolio by 2.1% during the fourth quarter. Principal Financial Group Inc. now owns 181,649 shares of the software maker's stock valued at $44,816,000 after buying an additional 3,818 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its holdings in AppFolio by 4.4% in the fourth quarter. Sanctuary Advisors LLC now owns 2,958 shares of the software maker's stock worth $750,000 after acquiring an additional 125 shares in the last quarter. 85.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APPF. DA Davidson upgraded shares of AppFolio to a "strong-buy" rating in a research note on Tuesday, May 13th. Piper Sandler reissued a "neutral" rating and issued a $265.00 price target on shares of AppFolio in a research note on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods reduced their price target on AppFolio from $210.00 to $205.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $274.43.

AppFolio Trading Down 0.4%

NASDAQ:APPF traded down $0.81 during mid-day trading on Thursday, reaching $227.02. 341,708 shares of the stock were exchanged, compared to its average volume of 274,210. The business has a fifty day moving average price of $215.22 and a 200 day moving average price of $229.65. The firm has a market capitalization of $8.18 billion, a PE ratio of 40.90 and a beta of 0.87. AppFolio, Inc. has a 1-year low of $189.01 and a 1-year high of $274.56.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, April 24th. The software maker reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). AppFolio had a return on equity of 26.21% and a net margin of 25.69%. The company had revenue of $217.70 million for the quarter, compared to the consensus estimate of $220.95 million. During the same period in the previous year, the company earned $1.05 EPS. The firm's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, sell-side analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Insider Activity at AppFolio

In related news, Director Robert Donald Casey III purchased 4,000 shares of AppFolio stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average price of $217.73 per share, with a total value of $870,920.00. Following the completion of the transaction, the director now directly owns 27,856 shares of the company's stock, valued at $6,065,086.88. This represents a 16.77% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Shane Trigg sold 5,900 shares of AppFolio stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $211.45, for a total value of $1,247,555.00. Following the completion of the transaction, the chief executive officer now owns 70,647 shares in the company, valued at approximately $14,938,308.15. This represents a 7.71% decrease in their position. The disclosure for this sale can be found here. Insiders acquired 18,500 shares of company stock valued at $4,024,220 in the last three months. Corporate insiders own 4.68% of the company's stock.

AppFolio 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.