Rockefeller Capital Management L.P. Grows Position in AppFolio, Inc. $APPF

Key Points

• Rockefeller Capital Management massively increased its AppFolio stake in Q4, ending with 52,416 shares worth about $12.2 million after a 90,272.4% jump in holdings.
• AppFolio continues to attract heavy institutional interest, with hedge funds and other investors owning 85.19% of the stock; several major firms including Vanguard, Principal Financial, and State Street also added shares.
• Analysts remain generally positive on the stock: the consensus rating is Moderate Buy with a $252.29 price target, even as some firms trimmed targets and AppFolio insiders sold shares under 10b5-1 plans.

Rockefeller Capital Management L.P. grew its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 90,272.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,416 shares of the software maker's stock after buying an additional 52,358 shares during the period. Rockefeller Capital Management L.P. owned 0.15% of AppFolio worth $12,195,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in AppFolio by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker's stock valued at $595,691,000 after acquiring an additional 101,466 shares in the last quarter. Principal Financial Group Inc. lifted its stake in AppFolio by 6.8% in the 4th quarter. Principal Financial Group Inc. now owns 1,245,949 shares of the software maker's stock worth $289,880,000 after purchasing an additional 79,197 shares in the last quarter. State Street Corp lifted its stake in AppFolio by 1.1% in the 4th quarter. State Street Corp now owns 685,656 shares of the software maker's stock worth $159,518,000 after purchasing an additional 7,585 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of AppFolio by 17.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker's stock worth $155,717,000 after purchasing an additional 98,230 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of AppFolio by 15.6% during the 4th quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker's stock worth $148,487,000 after purchasing an additional 86,272 shares during the last quarter. 85.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on APPF shares. Piper Sandler reduced their price objective on AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a research report on Friday, April 24th. Benchmark upped their target price on AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a report on Friday, April 24th. Weiss Ratings downgraded AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 11th. UBS Group set a $210.00 target price on AppFolio in a research note on Friday, April 24th. Finally, Wall Street Zen raised shares of AppFolio from a "hold" rating to a "buy" rating in a research report on Sunday, March 15th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $252.29.

Insiders Place Their Bets

In other AppFolio news, CEO William Shane Trigg sold 3,584 shares of the company's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $152.50, for a total value of $546,560.00. Following the transaction, the chief executive officer owned 76,547 shares of the company's stock, valued at $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Timothy Mathias Eaton sold 2,585 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $160.07, for a total transaction of $413,780.95. Following the completion of the transaction, the chief financial officer directly owned 18,036 shares in the company, valued at $2,887,022.52. The trade was a 12.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 8,957 shares of company stock valued at $1,399,501. 1.57% of the stock is owned by company insiders.

AppFolio Stock Performance

APPF opened at $148.81 on Thursday. The stock has a market capitalization of $5.26 billion, a PE ratio of 35.43 and a beta of 0.80. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The business's 50 day moving average price is $160.59 and its 200 day moving average price is $183.35.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.14. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The company had revenue of $262.21 million during the quarter, compared to analysts' expectations of $258.13 million. During the same quarter last year, the firm earned $1.21 earnings per share. The firm's quarterly revenue was up 20.7% compared to the same quarter last year. As a group, equities research analysts forecast that AppFolio, Inc. will post 5.04 earnings per share for the current fiscal year.

About AppFolio

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.

Want to see what other hedge funds are holding APPF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppFolio, Inc. (NASDAQ:APPF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.