US Bancorp DE Boosts Stock Holdings in AppFolio, Inc. (NASDAQ:APPF)

Key Points

• US Bancorp DE significantly increased its stake in AppFolio, Inc. by over 2,549% in Q1, now holding 1,722 shares valued at $379,000.
• Wall Street analysts have a positive outlook on AppFolio, with a consensus rating of "Moderate Buy" and target prices ranging from $267 to $350.
• AppFolio reported a quarterly earnings per share of $1.38, surpassing estimates, with a revenue increase of 19.4% year-over-year, amounting to $235.58 million.

US Bancorp DE grew its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 2,549.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,722 shares of the software maker's stock after buying an additional 1,657 shares during the quarter. US Bancorp DE's holdings in AppFolio were worth $379,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in APPF. Treasurer of the State of North Carolina boosted its holdings in AppFolio by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 9,960 shares of the software maker's stock worth $2,457,000 after purchasing an additional 60 shares during the last quarter. Fifth Third Bancorp boosted its holdings in AppFolio by 53.0% in the first quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after purchasing an additional 62 shares during the last quarter. Tidal Investments LLC boosted its holdings in AppFolio by 4.7% in the fourth quarter. Tidal Investments LLC now owns 1,492 shares of the software maker's stock worth $368,000 after purchasing an additional 67 shares during the last quarter. ProShare Advisors LLC boosted its holdings in AppFolio by 7.8% in the fourth quarter. ProShare Advisors LLC now owns 1,126 shares of the software maker's stock worth $278,000 after purchasing an additional 81 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in AppFolio by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 2,720 shares of the software maker's stock worth $598,000 after purchasing an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company's stock.

Wall Street Analysts Forecast Growth

APPF has been the topic of several research reports. Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $240.00 to $350.00 in a report on Friday, August 1st. DA Davidson reiterated a "buy" rating and set a $350.00 price target on shares of AppFolio in a research note on Friday, August 1st. Finally, Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and lifted their price target for the stock from $205.00 to $267.00 in a research note on Thursday, July 31st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $303.00.

Insider Activity at AppFolio

In other news, major shareholder Maurice J. Duca sold 2,324 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $276.80, for a total transaction of $643,283.20. Following the sale, the insider directly owned 35,376 shares in the company, valued at $9,792,076.80. This trade represents a 6.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have acquired 18,500 shares of company stock worth $4,024,220 and have sold 44,963 shares worth $12,457,771. 4.68% of the stock is owned by insiders.

AppFolio Price Performance

Shares of APPF stock opened at $268.72 on Thursday. The company has a market capitalization of $9.63 billion, a price-to-earnings ratio of 48.51 and a beta of 0.95. AppFolio, Inc. has a one year low of $189.01 and a one year high of $326.04. The company's fifty day moving average price is $249.06 and its 200-day moving average price is $229.00.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The software maker reported $1.38 EPS 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 the consensus estimate of $230.10 million. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The company's revenue was up 19.4% on a year-over-year basis. During the same period last year, the firm earned $1.12 EPS. Equities research analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

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.

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