Citigroup Inc. Grows Holdings in AppFolio, Inc. $APPF

Citigroup Inc. increased its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 140.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,641 shares of the software maker’s stock after purchasing an additional 9,132 shares during the period. Citigroup Inc.’s holdings in AppFolio were worth $4,312,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of APPF. Wealth Enhancement Advisory Services LLC purchased a new position in shares of AppFolio during the third quarter worth about $8,275,000. Highland Capital Management LLC purchased a new stake in AppFolio during the 3rd quarter valued at approximately $1,435,000. Mission Wealth Management LP lifted its position in AppFolio by 16.7% during the 3rd quarter. Mission Wealth Management LP now owns 49,201 shares of the software maker’s stock worth $13,563,000 after acquiring an additional 7,042 shares during the period. Vanguard Group Inc. grew its stake in shares of AppFolio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker’s stock valued at $677,846,000 after purchasing an additional 55,277 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of AppFolio by 40.1% in the third quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock valued at $321,637,000 after purchasing an additional 333,861 shares during the period. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Weiss Ratings cut shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, January 16th. DA Davidson lowered their target price on shares of AppFolio from $325.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, January 30th. William Blair reissued an “outperform” rating on shares of AppFolio in a report on Friday, January 30th. Finally, Wells Fargo & Company restated a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $270.83.

Insider Activity

In related news, CEO William Shane Trigg sold 6,963 shares of AppFolio stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the completion of the transaction, the chief executive officer directly owned 52,920 shares in the company, valued at $8,982,111.60. The trade was a 11.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.68% of the stock is owned by company insiders.

AppFolio Stock Performance

Shares of APPF stock opened at $188.26 on Thursday. The stock has a fifty day moving average price of $202.56 and a 200 day moving average price of $234.25. The stock has a market cap of $6.78 billion, a PE ratio of 48.52 and a beta of 0.75. AppFolio, Inc. has a 1 year low of $161.13 and a 1 year high of $326.04.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.17. The company had revenue of $248.19 million for the quarter, compared to analyst estimates of $246.56 million. AppFolio had a return on equity of 29.79% and a net margin of 14.82%.AppFolio’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 earnings per share. As a group, equities research analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current year.

About AppFolio

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.