AppFolio (NASDAQ:APPF) Shares Gap Up on Analyst Upgrade

Shares of AppFolio, Inc. (NASDAQ:APPF) gapped up before the market opened on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $215.00 to $238.00. The stock had previously closed at $216.65, but opened at $243.90. Keefe, Bruyette & Woods currently has a market perform rating on the stock. AppFolio shares last traded at $248.44, with a volume of 126,173 shares changing hands.

A number of other research firms have also weighed in on APPF. BTIG Research started coverage on AppFolio in a report on Friday, January 19th. They set a “buy” rating and a $215.00 target price for the company. Stephens reiterated an “overweight” rating and issued a $241.00 target price on shares of AppFolio in a research note on Friday, January 26th. JPMorgan Chase & Co. boosted their price target on shares of AppFolio from $228.00 to $237.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Finally, KeyCorp increased their price objective on AppFolio from $264.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $241.00.

Insider Activity

In related news, Director Timothy K. Bliss sold 10,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $227.24, for a total value of $2,272,400.00. Following the completion of the transaction, the director now directly owns 51,070 shares in the company, valued at $11,605,146.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Timothy K. Bliss sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $227.24, for a total value of $2,272,400.00. Following the completion of the sale, the director now owns 51,070 shares in the company, valued at approximately $11,605,146.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Olivia Nottebohm sold 989 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $241.75, for a total transaction of $239,090.75. Following the transaction, the director now owns 1,909 shares in the company, valued at $461,500.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,489 shares of company stock worth $3,531,011. 9.15% of the stock is currently owned by corporate insiders.

Institutional Trading of AppFolio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Arcadia Investment Management Corp MI increased its stake in shares of AppFolio by 70.4% during the third quarter. Arcadia Investment Management Corp MI now owns 138 shares of the software maker’s stock valued at $25,000 after buying an additional 57 shares during the period. Zeno Equity Partners LLP bought a new position in AppFolio in the 4th quarter worth about $30,000. USA Financial Formulas purchased a new position in AppFolio in the fourth quarter worth about $59,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in AppFolio in the 4th quarter worth approximately $64,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of AppFolio in the fourth quarter worth $85,000. Institutional investors own 62.34% of the company’s stock.

AppFolio Stock Performance

The firm has a market cap of $8.71 billion, a PE ratio of 8,094.36 and a beta of 0.80. The stock has a 50-day simple moving average of $229.41 and a two-hundred day simple moving average of $204.69.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings data on Thursday, January 25th. The software maker reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.29. AppFolio had a net margin of 0.44% and a negative return on equity of 8.58%. The company had revenue of $171.83 million for the quarter, compared to the consensus estimate of $162.80 million. As a group, sell-side analysts anticipate that AppFolio, Inc. will post 2.66 EPS for the current fiscal year.

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.