Kayne Anderson Rudnick Investment Management LLC Purchases 354,061 Shares of AppFolio, Inc. $APPF

Key Points

• Kayne Anderson Rudnick Investment Management LLC significantly increased its stake in AppFolio, Inc. by 84.4% in the first quarter, acquiring over 354,000 shares and now owning a total of 773,579 shares worth approximately $170 million.
• AppFolio reported an earnings per share (EPS) of $1.38 for the last quarter, exceeding estimates, with revenue reaching $235.58 million, marking a 19.4% year-over-year increase.
• Analysts have a consensus rating of "Moderate Buy" for AppFolio, with several raising their price targets, the highest being $350, following positive earnings reports.

Kayne Anderson Rudnick Investment Management LLC increased its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 84.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 773,579 shares of the software maker's stock after buying an additional 354,061 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned 2.15% of AppFolio worth $170,110,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of APPF. Principal Financial Group Inc. boosted its holdings in AppFolio by 121.2% in the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock worth $88,375,000 after buying an additional 220,239 shares during the period. AQR Capital Management LLC boosted its holdings in AppFolio by 43.2% in the 4th quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock worth $161,756,000 after buying an additional 197,700 shares during the period. Fiera Capital Corp bought a new position in AppFolio in the 1st quarter worth approximately $35,896,000. Brown Advisory Inc. bought a new position in AppFolio in the 1st quarter worth approximately $27,800,000. Finally, Nuveen LLC bought a new position in AppFolio in the 1st quarter worth approximately $27,464,000. 85.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $240.00 to $350.00 in a research note on Friday, August 1st. Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and increased their target price for the stock from $205.00 to $267.00 in a research note on Thursday, July 31st. Finally, DA Davidson reiterated a "buy" rating and issued a $350.00 target price on shares of AppFolio in a research note on Friday, August 1st. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $303.00.

Insider Buying and Selling

In related news, CEO William Shane Trigg sold 3,012 shares of AppFolio stock in a transaction on Friday, August 15th. The shares were sold at an average price of $264.98, for a total value of $798,119.76. Following the transaction, the chief executive officer owned 63,556 shares in the company, valued at $16,841,068.88. This trade represents a 4.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Donald Casey III bought 4,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average price of $217.73 per share, for a total transaction of $870,920.00. Following the transaction, the director owned 27,856 shares in the company, valued at $6,065,086.88. This trade represents a 16.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 18,500 shares of company stock worth $4,024,220 and have sold 50,285 shares worth $14,329,176. 4.68% of the stock is owned by company insiders.

AppFolio Trading Down 0.3%

Shares of AppFolio stock traded down $0.79 on Friday, hitting $275.43. 60,083 shares of the company traded hands, compared to its average volume of 314,947. The firm's 50-day simple moving average is $259.62 and its 200 day simple moving average is $231.48. The company has a market cap of $9.87 billion, a P/E ratio of 49.72 and a beta of 0.95. AppFolio, Inc. has a 12-month low of $189.01 and a 12-month high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.11. The firm had revenue of $235.58 million for the quarter, compared to analysts' expectations of $230.10 million. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The business's quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter last year, the company posted $1.12 EPS. AppFolio has set its FY 2025 guidance at EPS. Analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current year.

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.