Nicholas Investment Partners LP Grows Position in AppFolio, Inc. (NASDAQ:APPF)

Nicholas Investment Partners LP boosted its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 36.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,943 shares of the software maker's stock after buying an additional 11,551 shares during the period. Nicholas Investment Partners LP owned 0.12% of AppFolio worth $7,439,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Lord Abbett & CO. LLC purchased a new stake in AppFolio during the 3rd quarter valued at approximately $33,062,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of AppFolio during the third quarter worth $13,698,000. WCM Investment Management LLC purchased a new position in AppFolio in the 4th quarter valued at $12,941,000. Victory Capital Management Inc. increased its stake in AppFolio by 1,164.1% in the 4th quarter. Victory Capital Management Inc. now owns 70,042 shares of the software maker's stock valued at $12,134,000 after buying an additional 64,501 shares during the period. Finally, Fred Alger Management LLC increased its stake in AppFolio by 12.2% in the 3rd quarter. Fred Alger Management LLC now owns 572,007 shares of the software maker's stock valued at $104,466,000 after buying an additional 62,347 shares during the period. 62.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AppFolio

In related news, Director Olivia Nottebohm sold 989 shares of the company's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $241.75, for a total value of $239,090.75. Following the sale, the director now owns 1,909 shares of the company's stock, valued at approximately $461,500.75. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Matthew S. Mazza sold 2,131 shares of the business's stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $249.46, for a total value of $531,599.26. Following the completion of the transaction, the insider now owns 43,680 shares of the company's stock, valued at $10,896,412.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Olivia Nottebohm sold 989 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $241.75, for a total transaction of $239,090.75. Following the sale, the director now owns 1,909 shares in the company, valued at approximately $461,500.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,620 shares of company stock valued at $4,062,610. Insiders own 9.15% of the company's stock.

AppFolio Price Performance

AppFolio stock traded up $2.68 during trading hours on Wednesday, hitting $249.87. The stock had a trading volume of 249,233 shares, compared to its average volume of 308,678. AppFolio, Inc. has a 1-year low of $138.49 and a 1-year high of $256.73. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 121.60 and a beta of 0.79. The stock's fifty day moving average is $230.94 and its two-hundred day moving average is $210.29.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of AppFolio from $264.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, April 26th. Keefe, Bruyette & Woods raised their price target on AppFolio from $215.00 to $238.00 and gave the company a "market perform" rating in a report on Friday, April 26th. BTIG Research assumed coverage on AppFolio in a report on Friday, January 19th. They set a "buy" rating and a $215.00 price objective on the stock. Stephens reissued an "overweight" rating and issued a $241.00 target price on shares of AppFolio in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of AppFolio from $228.00 to $237.00 and gave the stock an "overweight" rating in a research note on Friday, January 26th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $241.00.

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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