VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in AppFolio, Inc. $APPF

Key Points

• The Virginia Retirement Systems purchased a new stake in AppFolio, Inc. worth approximately $2.22 million by acquiring 9,621 shares in the second quarter.
• AppFolio reported a revenue increase of 19.4% year-over-year, with quarterly earnings surpassing analyst estimates at $1.38 per share.
• Recent price targets for AppFolio have been upgraded by several analysts, with a consensus average price target of $318.20 indicating a favorable outlook.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 9,621 shares of the software maker's stock, valued at approximately $2,216,000.

Other institutional investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new stake in AppFolio during the 1st quarter worth about $55,000. Blue Trust Inc. raised its stake in shares of AppFolio by 330.2% in the 1st quarter. Blue Trust Inc. now owns 271 shares of the software maker's stock valued at $60,000 after acquiring an additional 208 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of AppFolio by 110.1% in the 1st quarter. GAMMA Investing LLC now owns 353 shares of the software maker's stock valued at $78,000 after acquiring an additional 185 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of AppFolio by 23.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker's stock valued at $84,000 after acquiring an additional 73 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group bought a new position in shares of AppFolio in the 2nd quarter valued at approximately $90,000. 85.19% of the stock is currently owned by institutional investors and hedge funds.

AppFolio Trading Down 0.0%

Shares of NASDAQ:APPF opened at $240.31 on Wednesday. AppFolio, Inc. has a 1-year low of $189.01 and a 1-year high of $326.04. The firm has a market capitalization of $8.62 billion, a PE ratio of 43.38 and a beta of 0.83. The business's 50 day moving average is $264.54 and its 200-day moving average is $243.51.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. 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, August 1st. DA Davidson reaffirmed a "buy" rating and issued a $350.00 price target on shares of AppFolio in a research report on Friday, August 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of AppFolio in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price target on AppFolio from $295.00 to $311.00 and gave the stock a "market perform" rating in a research report on Wednesday, September 3rd. Finally, KeyCorp raised AppFolio from a "sector weight" rating to an "overweight" rating and set a $285.00 price target on the stock in a research report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, AppFolio currently has a consensus rating of "Moderate Buy" and an average price target of $318.20.

Insiders Place Their Bets

In related news, CFO Timothy Mathias Eaton sold 667 shares of the business's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $276.58, for a total value of $184,478.86. Following the sale, the chief financial officer owned 11,142 shares of the company's stock, valued at $3,081,654.36. The trade was a 5.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Janet Kerr sold 2,500 shares of the business's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $285.04, for a total value of $712,600.00. Following the completion of the sale, the director directly owned 11,995 shares in the company, valued at approximately $3,419,054.80. This represents a 17.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,803 shares of company stock worth $16,938,949 over the last quarter. Corporate insiders own 4.68% of the company's stock.

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.

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