AppFolio, Inc. (NASDAQ:APPF) shares shot up 2.4% during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $33.00 to $38.00. Morgan Stanley currently has an equal weight rating on the stock. AppFolio traded as high as $38.85 and last traded at $36.90, with a volume of 79,937 shares. The stock had previously closed at $37.80.

APPF has been the subject of several other research reports. Zacks Investment Research cut shares of AppFolio from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Credit Suisse Group reissued a “neutral” rating and set a $35.00 target price (up previously from $27.00) on shares of AppFolio in a report on Tuesday. BidaskClub raised shares of AppFolio from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 21st. Finally, Pacific Crest reissued a “hold” rating on shares of AppFolio in a report on Monday, May 8th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $36.33.

In other AppFolio news, major shareholder Global Fund Ii L.P. Dragoneer sold 50,000 shares of AppFolio stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $31.00, for a total value of $1,550,000.00. Following the completion of the transaction, the insider now owns 23,469 shares of the company’s stock, valued at $727,539. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Marc Stad sold 400,000 shares of AppFolio stock in a transaction on Monday, June 12th. The shares were sold at an average price of $30.00, for a total transaction of $12,000,000.00. Following the completion of the transaction, the insider now directly owns 25,780 shares of the company’s stock, valued at approximately $773,400. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,592,011 shares of company stock valued at $52,506,807. 44.77% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. raised its stake in shares of AppFolio by 50,928.6% in the second quarter. Sei Investments Co. now owns 3,572 shares of the software maker’s stock valued at $117,000 after buying an additional 3,565 shares during the last quarter. American International Group Inc. raised its stake in shares of AppFolio by 7.2% in the first quarter. American International Group Inc. now owns 4,683 shares of the software maker’s stock valued at $127,000 after buying an additional 314 shares during the last quarter. UBS Group AG raised its stake in shares of AppFolio by 232.9% in the first quarter. UBS Group AG now owns 5,187 shares of the software maker’s stock valued at $142,000 after buying an additional 3,629 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of AppFolio during the second quarter valued at approximately $178,000. Finally, First Quadrant L P CA acquired a new stake in shares of AppFolio during the second quarter valued at approximately $225,000. 16.85% of the stock is owned by institutional investors.

The firm’s market cap is $1.24 billion. The company’s 50 day moving average is $33.69 and its 200 day moving average is $27.90.

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About AppFolio

AppFolio, Inc is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company’s mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices.

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