AppFolio Inc (NASDAQ:APPF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $25.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 16.01% from the company’s current price.

According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “

A number of other brokerages have also recently commented on APPF. Pacific Crest reiterated a “hold” rating on shares of AppFolio in a research report on Tuesday, November 8th. Credit Suisse Group AG began coverage on shares of AppFolio in a research report on Tuesday, August 9th. They issued a “hold” rating and a $18.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $19.33.

Shares of AppFolio (NASDAQ:APPF) opened at 21.55 on Friday. The stock has a 50 day moving average of $19.23 and a 200 day moving average of $16.64. The company’s market cap is $726.15 million. AppFolio has a 12-month low of $11.07 and a 12-month high of $22.32.

In related news, major shareholder Keenan Capital, Llc sold 5,700 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $19.67, for a total value of $112,119.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jonathan Walker sold 60,000 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $18.00, for a total transaction of $1,080,000.00. Following the completion of the sale, the insider now directly owns 60,000 shares of the company’s stock, valued at approximately $1,080,000. The disclosure for this sale can be found here.

Several large investors have recently made changes to their positions in APPF. Bank of New York Mellon Corp raised its stake in shares of AppFolio by 23.0% in the second quarter. Bank of New York Mellon Corp now owns 24,981 shares of the company’s stock worth $361,000 after buying an additional 4,664 shares in the last quarter. California State Teachers Retirement System raised its position in shares of AppFolio by 32.5% in the second quarter. California State Teachers Retirement System now owns 15,938 shares of the company’s stock valued at $230,000 after buying an additional 3,912 shares during the period. Vanguard Group Inc. raised its position in shares of AppFolio by 66.3% in the second quarter. Vanguard Group Inc. now owns 244,405 shares of the company’s stock valued at $3,534,000 after buying an additional 97,398 shares during the period. BlackRock Investment Management LLC raised its position in shares of AppFolio by 50.1% in the second quarter. BlackRock Investment Management LLC now owns 29,349 shares of the company’s stock valued at $424,000 after buying an additional 9,793 shares during the period. Finally, BlackRock Fund Advisors raised its position in shares of AppFolio by 35.6% in the second quarter. BlackRock Fund Advisors now owns 196,806 shares of the company’s stock valued at $2,846,000 after buying an additional 51,631 shares during the period. 13.40% of the stock is owned by hedge funds and other institutional investors.

About AppFolio

AppFolio, Inc is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company’s mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices.

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