Lord Abbett & CO. LLC Acquires 207,204 Shares of AppFolio, Inc. (NASDAQ:APPF)

Lord Abbett & CO. LLC raised its holdings in AppFolio, Inc. (NASDAQ:APPF) by 82.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 459,285 shares of the software maker’s stock after buying an additional 207,204 shares during the quarter. Lord Abbett & CO. LLC owned 1.26% of AppFolio worth $108,116,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Retirement Systems of Alabama grew its stake in shares of AppFolio by 7.9% in the third quarter. Retirement Systems of Alabama now owns 27,950 shares of the software maker’s stock worth $6,579,000 after acquiring an additional 2,047 shares during the last quarter. Franklin Resources Inc. boosted its holdings in AppFolio by 31.2% in the 3rd quarter. Franklin Resources Inc. now owns 228,655 shares of the software maker’s stock valued at $51,800,000 after purchasing an additional 54,386 shares during the period. Tidal Investments LLC grew its position in AppFolio by 2.9% in the 3rd quarter. Tidal Investments LLC now owns 1,425 shares of the software maker’s stock worth $335,000 after purchasing an additional 40 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of AppFolio during the 3rd quarter worth about $687,000. Finally, Geode Capital Management LLC raised its position in shares of AppFolio by 8.6% during the third quarter. Geode Capital Management LLC now owns 413,032 shares of the software maker’s stock valued at $97,252,000 after buying an additional 32,743 shares during the last quarter. 85.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered AppFolio from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $255.00 to $193.00 in a research note on Tuesday, October 15th. Piper Sandler cut their target price on AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. StockNews.com downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Finally, KeyCorp dropped their price objective on shares of AppFolio from $300.00 to $252.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $261.75.

Insider Transactions at AppFolio

In other AppFolio news, insider Matthew S. Mazza sold 926 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $229.04, for a total value of $212,091.04. Following the completion of the sale, the insider now owns 33,819 shares in the company, valued at approximately $7,745,903.76. This trade represents a 2.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Maurice J. Duca sold 200 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $232.18, for a total transaction of $46,436.00. Following the completion of the transaction, the insider now directly owns 18,922 shares of the company’s stock, valued at approximately $4,393,309.96. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,806 shares of company stock valued at $7,164,293 in the last three months. 5.24% of the stock is owned by corporate insiders.

AppFolio Stock Performance

Shares of NASDAQ:APPF opened at $259.18 on Friday. The company’s fifty day moving average is $230.94 and its 200-day moving average is $232.77. AppFolio, Inc. has a 52 week low of $164.29 and a 52 week high of $274.56. The company has a market capitalization of $9.42 billion, a PE ratio of 72.20 and a beta of 0.86.

AppFolio (NASDAQ:APPF) last released its quarterly earnings results on Thursday, October 24th. The software maker reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.26. The firm had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. On average, analysts forecast that AppFolio, Inc. will post 3.23 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.