Norges Bank Invests $34.43 Million in AppFolio, Inc. $APPF

Norges Bank bought a new stake in AppFolio, Inc. (NASDAQ:APPF) during the second quarter, HoldingsChannel.com reports. The fund bought 149,491 shares of the software maker’s stock, valued at approximately $34,425,000.

Several other hedge funds have also recently added to or reduced their stakes in APPF. United Services Automobile Association bought a new position in shares of AppFolio during the first quarter valued at $311,000. Northern Trust Corp increased its position in shares of AppFolio by 0.8% during the 1st quarter. Northern Trust Corp now owns 193,780 shares of the software maker’s stock worth $42,612,000 after purchasing an additional 1,493 shares in the last quarter. HighTower Advisors LLC increased its position in shares of AppFolio by 94.1% during the 1st quarter. HighTower Advisors LLC now owns 2,882 shares of the software maker’s stock worth $634,000 after purchasing an additional 1,397 shares in the last quarter. Park Avenue Securities LLC bought a new position in AppFolio during the 2nd quarter valued at about $288,000. Finally, US Bancorp DE boosted its position in AppFolio by 2,549.2% in the first quarter. US Bancorp DE now owns 1,722 shares of the software maker’s stock valued at $379,000 after buying an additional 1,657 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on APPF. Keefe, Bruyette & Woods raised shares of AppFolio from a “market perform” rating to an “outperform” rating and set a $311.00 price objective on the stock in a research note on Friday, October 24th. DA Davidson reissued a “buy” rating and issued a $325.00 target price on shares of AppFolio in a report on Wednesday, November 19th. Weiss Ratings upgraded AppFolio from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, December 2nd. Finally, KeyCorp dropped their price target on AppFolio from $285.00 to $270.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $310.20.

AppFolio Trading Down 0.1%

Shares of APPF stock opened at $235.41 on Monday. AppFolio, Inc. has a 1 year low of $190.24 and a 1 year high of $326.04. The firm’s 50 day moving average is $240.56 and its 200-day moving average is $249.58. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 42.26 and a beta of 0.80.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, October 30th. The software maker reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.14). AppFolio had a net margin of 22.48% and a return on equity of 25.97%. The company had revenue of $249.35 million during the quarter, compared to analyst estimates of $245.39 million. During the same period in the prior year, the business earned $1.29 EPS. The business’s revenue for the quarter was up 21.2% on a year-over-year basis. On average, equities research analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Transactions at AppFolio

In related news, General Counsel Evan Pickering sold 334 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $243.67, for a total value of $81,385.78. Following the transaction, the general counsel owned 2,969 shares in the company, valued at $723,456.23. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew S. Mazza sold 1,636 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $276.98, for a total value of $453,139.28. Following the sale, the insider directly owned 25,015 shares of the company’s stock, valued at $6,928,654.70. This represents a 6.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,745 shares of company stock valued at $4,041,459 over the last quarter. Corporate insiders own 4.68% of the company’s stock.

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.