M&T Bank Corp Acquires New Stake in AppFolio, Inc. (NASDAQ:APPF)

M&T Bank Corp bought a new stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,529 shares of the software maker's stock, valued at approximately $1,215,000.

Several other hedge funds have also made changes to their positions in APPF. Vanguard Group Inc. raised its position in AppFolio by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 2,495,527 shares of the software maker's stock worth $615,696,000 after purchasing an additional 91,174 shares in the last quarter. AQR Capital Management LLC increased its position in AppFolio by 43.2% in the 4th quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock valued at $161,756,000 after acquiring an additional 197,700 shares in the last quarter. FMR LLC raised its stake in shares of AppFolio by 881.2% in the fourth quarter. FMR LLC now owns 597,485 shares of the software maker's stock worth $147,411,000 after acquiring an additional 536,591 shares during the last quarter. Gilder Gagnon Howe & Co. LLC lifted its position in shares of AppFolio by 4.7% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 572,917 shares of the software maker's stock worth $141,350,000 after purchasing an additional 25,566 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of AppFolio in the fourth quarter valued at approximately $103,503,000. Institutional investors own 85.19% of the company's stock.

Insider Buying and Selling

In other news, Director Timothy K. Bliss purchased 7,500 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was bought at an average price of $217.02 per share, with a total value of $1,627,650.00. Following the acquisition, the director directly owned 7,500 shares of the company's stock, valued at approximately $1,627,650. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Timothy Mathias Eaton sold 1,057 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $221.13, for a total transaction of $233,734.41. Following the completion of the transaction, the chief financial officer directly owned 7,176 shares of the company's stock, valued at $1,586,828.88. This trade represents a 12.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 18,500 shares of company stock worth $4,024,220 and have sold 11,639 shares worth $2,547,802. Corporate insiders own 4.68% of the company's stock.

Analysts Set New Price Targets

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

AppFolio Stock Performance

APPF traded down $1.45 during trading on Tuesday, reaching $240.60. 233,631 shares of the company's stock were exchanged, compared to its average volume of 267,465. The company's fifty day moving average price is $223.19 and its 200-day moving average price is $225.41. AppFolio, Inc. has a fifty-two week low of $189.01 and a fifty-two week high of $274.56. The firm has a market capitalization of $8.67 billion, a PE ratio of 44.89 and a beta of 0.88.

AppFolio (NASDAQ:APPF - Get Free Report) last released its earnings results on Thursday, April 24th. The software maker reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). AppFolio had a return on equity of 25.83% and a net margin of 23.87%. The business had revenue of $217.70 million for the quarter, compared to analyst estimates of $220.95 million. During the same period in the prior year, the firm posted $1.05 EPS. AppFolio's revenue was up 15.9% on a year-over-year basis. Research analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

About AppFolio

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.