Fred Alger Management LLC Reduces Stock Holdings in AppFolio, Inc. $APPF

Fred Alger Management LLC lowered its stake in AppFolio, Inc. (NASDAQ:APPF) by 51.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 7,473 shares of the software maker’s stock after selling 8,062 shares during the quarter. Fred Alger Management LLC’s holdings in AppFolio were worth $1,643,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp lifted its position in shares of AppFolio by 53.0% in the 1st 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 period. Tidal Investments LLC raised its stake 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 buying an additional 67 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in AppFolio by 23.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after buying an additional 73 shares during the period. Deutsche Bank AG boosted its position in AppFolio by 3.3% during the 1st quarter. Deutsche Bank AG now owns 2,362 shares of the software maker’s stock valued at $519,000 after acquiring an additional 75 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of AppFolio by 7.8% during the 4th quarter. ProShare Advisors LLC now owns 1,126 shares of the software maker’s stock worth $278,000 after acquiring an additional 81 shares during the period. 85.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. DA Davidson restated a “buy” rating and issued a $350.00 target price on shares of AppFolio in a research note on Friday, August 1st. Keefe, Bruyette & Woods raised their price objective on AppFolio from $295.00 to $311.00 and gave the company a “market perform” rating in a research report on Wednesday, September 3rd. Finally, Piper Sandler upgraded shares of AppFolio from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $240.00 to $350.00 in a report on Friday, August 1st. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, AppFolio presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.80.

Insider Activity at AppFolio

In other news, CEO William Shane Trigg sold 3,012 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $264.98, for a total transaction of $798,119.76. Following the sale, the chief executive officer owned 63,556 shares in the company, valued at $16,841,068.88. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Maurice J. Duca sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $275.57, for a total transaction of $688,925.00. Following the sale, the insider directly owned 55,795 shares of the company’s stock, valued at $15,375,428.15. This trade represents a 4.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,303 shares of company stock valued at $14,282,440. 4.68% of the stock is owned by insiders.

AppFolio Trading Down 2.4%

Shares of NASDAQ:APPF opened at $279.59 on Wednesday. The stock has a fifty day simple moving average of $267.68 and a two-hundred day simple moving average of $235.15. AppFolio, Inc. has a 12-month low of $189.01 and a 12-month high of $326.04. The stock has a market capitalization of $10.02 billion, a price-to-earnings ratio of 50.47 and a beta of 0.89.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.11. The firm had revenue of $235.58 million for the quarter, compared to analysts’ expectations of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The company’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 earnings per share. AppFolio has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that AppFolio, Inc. will post 3.96 EPS for the current 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.