Norges Bank Takes Position in AppFolio, Inc. (NASDAQ:APPF)

Norges Bank bought a new stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 275,768 shares of the software maker's stock, valued at approximately $68,037,000. Norges Bank owned 0.76% of AppFolio as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Lord Abbett & CO. LLC boosted its position in AppFolio by 82.2% in the third quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker's stock valued at $108,116,000 after buying an additional 207,204 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of AppFolio in the fourth quarter valued at approximately $30,195,000. Vanguard Group Inc. boosted its holdings in shares of AppFolio by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 2,495,527 shares of the software maker's stock worth $615,696,000 after acquiring an additional 91,174 shares in the last quarter. Deepwater Asset Management LLC bought a new stake in AppFolio during the 4th quarter worth approximately $15,483,000. Finally, FMR LLC increased its holdings in AppFolio by 998.0% during the 3rd quarter. FMR LLC now owns 60,894 shares of the software maker's stock valued at $14,334,000 after purchasing an additional 55,348 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

APPF has been the topic of a number of recent analyst reports. William Blair reissued an "outperform" rating on shares of AppFolio in a research note on Friday, January 31st. Stephens reiterated an "overweight" rating and set a $295.00 price target on shares of AppFolio in a research report on Friday, January 31st. KeyCorp cut shares of AppFolio from an "overweight" rating to a "sector weight" rating and set a $253.00 price objective for the company. in a research report on Friday, January 10th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $265.00 target price on shares of AppFolio in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $276.29.

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Insider Activity at AppFolio

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

AppFolio Stock Performance

NASDAQ:APPF traded down $6.53 during mid-day trading on Tuesday, hitting $208.24. The company had a trading volume of 398,440 shares, compared to its average volume of 263,432. AppFolio, Inc. has a fifty-two week low of $189.01 and a fifty-two week high of $274.56. The firm has a market cap of $7.58 billion, a P/E ratio of 37.52 and a beta of 0.86. The business's fifty day moving average is $219.32 and its two-hundred day moving average is $231.90.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The software maker reported $0.58 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.34). AppFolio had a net margin of 25.69% and a return on equity of 26.21%. Equities analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

AppFolio Company 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.