Jennison Associates LLC Boosts Stake in AppFolio, Inc. (NASDAQ:APPF)

Jennison Associates LLC grew its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 4.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,417 shares of the software maker’s stock after acquiring an additional 3,943 shares during the quarter. Jennison Associates LLC’s holdings in AppFolio were worth $21,049,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. US Bancorp DE increased its position in AppFolio by 200.8% during the 1st quarter. US Bancorp DE now owns 1,444 shares of the software maker’s stock worth $356,000 after purchasing an additional 964 shares in the last quarter. Vanguard Group Inc. increased its position in shares of AppFolio by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker’s stock worth $531,139,000 after acquiring an additional 73,965 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of AppFolio by 11.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 41,488 shares of the software maker’s stock valued at $10,243,000 after acquiring an additional 4,131 shares during the period. Axxcess Wealth Management LLC acquired a new position in shares of AppFolio during the 1st quarter valued at $207,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of AppFolio by 291.3% during the 1st quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after acquiring an additional 134 shares in the last quarter. 62.34% of the stock is currently owned by hedge funds and other institutional investors.

AppFolio Trading Up 2.4 %

APPF stock opened at $242.39 on Friday. The company has a market capitalization of $8.81 billion, a P/E ratio of 67.52 and a beta of 0.83. The firm has a 50 day simple moving average of $222.54 and a 200-day simple moving average of $231.07. AppFolio, Inc. has a twelve month low of $164.29 and a twelve month high of $274.56.

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

Insider Activity at AppFolio

In related news, major shareholder Maurice J. Duca sold 200 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $232.18, for a total transaction of $46,436.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Shane Trigg sold 3,500 shares of AppFolio stock in a transaction on Friday, November 15th. The stock was sold at an average price of $229.85, for a total transaction of $804,475.00. Following the completion of the transaction, the chief executive officer now directly owns 74,327 shares of the company’s stock, valued at approximately $17,084,060.95. This represents a 4.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,865 shares of company stock valued at $5,799,618 over the last three months. 5.24% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on APPF shares. Piper Sandler Companies restated an “overweight” rating and set a $300.00 price objective on shares of AppFolio in a research note on Friday, July 26th. KeyCorp reduced their price target on AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Piper Sandler lowered their price objective on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. DA Davidson boosted their target price on shares of AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $261.75.

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.