Northern Trust Corp Increases Position in AppFolio, Inc. (NASDAQ:APPF)

Northern Trust Corp boosted its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 17.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 192,287 shares of the software maker's stock after buying an additional 28,516 shares during the period. Northern Trust Corp owned 0.53% of AppFolio worth $47,441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of APPF. Vanguard Group Inc. lifted its holdings in shares of AppFolio by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 2,495,527 shares of the software maker's stock valued at $615,696,000 after purchasing an additional 91,174 shares during the last quarter. FMR LLC raised its holdings in AppFolio by 881.2% in the 4th quarter. FMR LLC now owns 597,485 shares of the software maker's stock worth $147,411,000 after acquiring an additional 536,591 shares during the last quarter. Gilder Gagnon Howe & Co. LLC raised its holdings in AppFolio by 4.7% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 572,917 shares of the software maker's stock worth $141,350,000 after acquiring an additional 25,566 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in AppFolio in the 4th quarter worth approximately $103,503,000. Finally, Geode Capital Management LLC grew its position in AppFolio by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 416,508 shares of the software maker's stock worth $102,791,000 after purchasing an additional 3,476 shares during the period. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

AppFolio Stock Performance

Shares of APPF traded up $6.49 during midday trading on Monday, hitting $220.78. 289,489 shares of the company traded hands, compared to its average volume of 270,613. The firm has a 50 day moving average of $217.30 and a 200-day moving average of $231.36. AppFolio, Inc. has a 52 week low of $189.01 and a 52 week high of $274.56. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 39.78 and a beta of 0.99.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The software maker reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). AppFolio had a net margin of 25.69% and a return on equity of 26.21%. The company had revenue of $217.70 million for the quarter, compared to analysts' expectations of $220.95 million. During the same quarter last year, the company earned $1.05 earnings per share. The company's revenue for the quarter was up 15.9% on a year-over-year basis. Sell-side analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on APPF. William Blair reaffirmed an "outperform" rating on shares of AppFolio in a research report on Friday, January 31st. Stephens reissued an "overweight" rating and set a $295.00 price objective on shares of AppFolio in a research report on Friday, January 31st. DA Davidson cut their price objective on shares of AppFolio from $300.00 to $275.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Keefe, Bruyette & Woods cut their price objective on shares of AppFolio from $210.00 to $205.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Finally, Piper Sandler reissued a "neutral" rating and set a $265.00 price objective on shares of AppFolio in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $274.43.

Insider Transactions at AppFolio

In other AppFolio news, CEO William Shane Trigg sold 3,501 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $217.27, for a total transaction of $760,662.27. Following the sale, the chief executive officer now owns 83,824 shares of the company's stock, valued at approximately $18,212,440.48. This trade represents a 4.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexander Wolf bought 9,678 shares of the company's stock in a transaction on Thursday, February 13th. The shares were bought at an average cost of $214.81 per share, for a total transaction of $2,078,931.18. Following the transaction, the director now directly owns 3,226 shares in the company, valued at approximately $692,977.06. This represents a -150.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.24% of the company's stock.

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.