Norden Group LLC Buys New Position in AppFolio, Inc. (NASDAQ:APPF)

Key Points

• Norden Group LLC has made a significant investment in AppFolio, acquiring 3,701 shares valued at approximately $814,000.
• Institutional investors hold over 85% of AppFolio's stock, indicating strong institutional interest in the company.
• Wall Street analysts have mixed views on AppFolio, with one upgrading the stock to a "strong buy" rating while the consensus target price is currently set at $253.60.

Norden Group LLC purchased a new stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,701 shares of the software maker's stock, valued at approximately $814,000.

Several other institutional investors have also recently bought and sold shares of APPF. Vanguard Group Inc. lifted its position in shares of AppFolio by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 2,495,527 shares of the software maker's stock valued at $615,696,000 after buying an additional 91,174 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 197,700 shares in the last quarter. FMR LLC boosted its holdings in shares of AppFolio by 881.2% during the 4th quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after acquiring an additional 536,591 shares in the last quarter. Gilder Gagnon Howe & Co. LLC lifted its holdings in AppFolio by 4.7% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 572,917 shares of the software maker's stock worth $141,350,000 after buying an additional 25,566 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of AppFolio in the 4th quarter worth about $103,503,000. Institutional investors own 85.19% of the company's stock.

AppFolio Stock Performance

NASDAQ APPF traded up $45.87 during trading hours on Friday, reaching $313.25. The company's stock had a trading volume of 744,076 shares, compared to its average volume of 304,712. AppFolio, Inc. has a fifty-two week low of $189.01 and a fifty-two week high of $317.91. The stock has a market cap of $11.29 billion, a PE ratio of 58.24 and a beta of 0.88. The company's 50-day moving average is $233.70 and its two-hundred day moving average is $226.33.

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 (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 net margin of 23.87% and a return on equity of 25.83%. The business's quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. Equities analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on APPF shares. Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $240.00 to $350.00 in a research note on Friday. Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and boosted their price target for the stock from $205.00 to $267.00 in a research note on Thursday. Finally, DA Davidson upgraded shares of AppFolio to a "strong-buy" rating in a report on Tuesday, July 22nd. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AppFolio currently has an average rating of "Moderate Buy" and a consensus price target of $288.00.

Insider Activity

In related news, CFO Timothy Mathias Eaton sold 1,057 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $221.13, for a total value of $233,734.41. Following the completion of the sale, the chief financial officer owned 7,176 shares of the company's stock, valued at approximately $1,586,828.88. The trade was a 12.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Shane Trigg sold 5,900 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $211.45, for a total value of $1,247,555.00. Following the transaction, the chief executive officer owned 70,647 shares of the company's stock, valued at approximately $14,938,308.15. This trade represents a 7.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 18,500 shares of company stock worth $4,024,220 and have sold 11,639 shares worth $2,547,802. 4.68% of the stock is currently owned by corporate insiders.

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.