KeyCorp Upgrades AppFolio (NASDAQ:APPF) to “Overweight”

AppFolio (NASDAQ:APPF) was upgraded by analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research note issued on Friday, MarketBeat reports. The firm currently has a $285.00 price target on the software maker’s stock. KeyCorp’s target price indicates a potential upside of 21.01% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods lifted their target price on shares of AppFolio from $295.00 to $311.00 and gave the company a “market perform” rating in a research note on Wednesday, September 3rd. Piper Sandler raised shares of AppFolio from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $240.00 to $350.00 in a research note on Friday, August 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of AppFolio in a report on Wednesday, October 8th. Finally, DA Davidson restated a “buy” rating and set a $350.00 target price on shares of AppFolio in a report on Friday, August 1st. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $318.20.

AppFolio Stock Up 5.5%

AppFolio stock opened at $235.51 on Friday. AppFolio has a 12 month low of $189.01 and a 12 month high of $326.04. The company’s fifty day simple moving average is $266.00 and its 200-day simple moving average is $243.23. The stock has a market cap of $8.44 billion, a P/E ratio of 42.51 and a beta of 0.83.

AppFolio (NASDAQ:APPF) last released its quarterly earnings data on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.11. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The firm had revenue of $235.58 million during the quarter, compared to analysts’ expectations of $230.10 million. During the same quarter last year, the firm earned $1.12 earnings per share. The business’s revenue for the quarter was up 19.4% on a year-over-year basis. AppFolio has set its FY 2025 guidance at EPS. On average, equities research analysts expect that AppFolio will post 3.96 earnings per share for the current fiscal year.

Insider Activity at AppFolio

In other news, CEO William Shane Trigg sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $276.95, for a total value of $1,107,800.00. Following the sale, the chief executive officer directly owned 59,556 shares of the company’s stock, valued at approximately $16,494,034.20. This trade represents a 6.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy Mathias Eaton sold 667 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $276.58, for a total value of $184,478.86. Following the sale, the chief financial officer owned 11,142 shares of the company’s stock, valued at approximately $3,081,654.36. The trade was a 5.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,803 shares of company stock valued at $16,938,949. 4.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AppFolio

Several large investors have recently bought and sold shares of the stock. Fifth Third Bancorp grew its position in AppFolio by 53.0% in the 1st quarter. Fifth Third Bancorp now owns 179 shares of the software maker’s stock worth $39,000 after purchasing an additional 62 shares during the last quarter. Huntington National Bank lifted its stake in shares of AppFolio by 58.7% in the second quarter. Huntington National Bank now owns 200 shares of the software maker’s stock valued at $46,000 after buying an additional 74 shares during the period. Farther Finance Advisors LLC grew its position in AppFolio by 2,200.0% during the third quarter. Farther Finance Advisors LLC now owns 184 shares of the software maker’s stock worth $51,000 after buying an additional 176 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in AppFolio during the second quarter valued at about $52,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in AppFolio during the first quarter valued at about $55,000. 85.19% of the stock is currently owned by institutional investors and hedge funds.

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.