Kayne Anderson Rudnick Investment Management LLC Takes $103.50 Million Position in AppFolio, Inc. (NASDAQ:APPF)

Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 419,518 shares of the software maker's stock, valued at approximately $103,503,000. Kayne Anderson Rudnick Investment Management LLC owned 1.15% of AppFolio at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. MetLife Investment Management LLC increased its position in shares of AppFolio by 8.4% in the fourth quarter. MetLife Investment Management LLC now owns 14,001 shares of the software maker's stock worth $3,454,000 after acquiring an additional 1,084 shares in the last quarter. Natixis purchased a new position in AppFolio during the 4th quarter worth approximately $572,000. Dimensional Fund Advisors LP grew its position in AppFolio by 45.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 189,405 shares of the software maker's stock worth $46,731,000 after purchasing an additional 59,279 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in AppFolio by 24.4% during the 4th quarter. Canada Pension Plan Investment Board now owns 53,000 shares of the software maker's stock valued at $13,076,000 after purchasing an additional 10,400 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of AppFolio in the fourth quarter valued at $5,578,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

AppFolio Price Performance

APPF traded down $39.97 during midday trading on Friday, hitting $194.68. 982,576 shares of the company's stock traded hands, compared to its average volume of 268,316. The company has a market cap of $7.09 billion, a PE ratio of 34.95 and a beta of 0.86. AppFolio, Inc. has a one year low of $189.01 and a one year high of $274.56. The stock's fifty day simple moving average is $218.47 and its 200-day simple moving average is $231.10.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The software maker reported $0.58 earnings per share 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%. On average, research analysts expect that AppFolio, Inc. will post 3.96 EPS for the current year.

Wall Street Analyst Weigh In

APPF has been the topic of several recent analyst reports. Stephens reissued an "overweight" rating and set a $295.00 price target on shares of AppFolio in a research report on Friday, January 31st. Keefe, Bruyette & Woods dropped their target price on AppFolio from $210.00 to $205.00 and set an "underweight" rating on the stock in a report on Friday. DA Davidson reduced their price target on shares of AppFolio from $300.00 to $275.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Piper Sandler reaffirmed a "neutral" rating and set a $265.00 price objective on shares of AppFolio in a research report on Wednesday. Finally, KeyCorp downgraded shares of AppFolio from an "overweight" rating to a "sector weight" rating and set a $253.00 target price for the company. in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $274.43.

Insiders Place Their Bets

In other AppFolio news, Director Alexander Wolf purchased 9,678 shares of the company's stock in a transaction on Thursday, February 13th. The shares were bought at an average cost of $214.81 per share, with a total value of $2,078,931.18. Following the transaction, the director now directly owns 3,226 shares in the company, valued at approximately $692,977.06. This represents a -150.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William Shane Trigg sold 3,501 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $217.27, for a total transaction of $760,662.27. Following the completion of the sale, the chief executive officer now owns 83,824 shares in the company, valued at $18,212,440.48. This represents a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.24% of the company's stock.

AppFolio 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.