AppFolio, Inc. (NASDAQ:APPF) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The firm currently has a $42.00 target price on the software maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 17.32% from the stock’s previous close.

According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “

Other research analysts have also issued research reports about the company. BidaskClub lowered AppFolio from a “strong-buy” rating to a “buy” rating in a report on Friday, August 4th. Morgan Stanley increased their target price on AppFolio to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, July 20th. Pacific Crest restated a “hold” rating on shares of AppFolio in a research note on Monday, May 8th. Finally, Credit Suisse Group restated a “neutral” rating and set a $35.00 target price (up previously from $27.00) on shares of AppFolio in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $38.33.

Shares of AppFolio (NASDAQ APPF) traded down 2.32% during trading on Thursday, hitting $35.80. The company’s stock had a trading volume of 355,548 shares. The company has a market capitalization of $1.21 billion, a P/E ratio of 1154.84 and a beta of 0.78. AppFolio has a 1-year low of $17.51 and a 1-year high of $38.85. The firm’s 50 day moving average is $34.06 and its 200-day moving average is $28.25.

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In other news, major shareholder Marc Stad sold 50,000 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $32.26, for a total value of $1,613,000.00. Following the completion of the transaction, the insider now directly owns 84,553 shares of the company’s stock, valued at approximately $2,727,679.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Global Fund Ii L.P. Dragoneer sold 20,911 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $32.50, for a total value of $679,607.50. Following the completion of the transaction, the insider now directly owns 76,655 shares of the company’s stock, valued at $2,491,287.50. The disclosure for this sale can be found here. Insiders sold a total of 1,592,011 shares of company stock valued at $52,506,807 in the last quarter. Corporate insiders own 44.77% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Nationwide Fund Advisors boosted its stake in AppFolio by 970.9% in the second quarter. Nationwide Fund Advisors now owns 46,379 shares of the software maker’s stock worth $1,512,000 after buying an additional 42,048 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in AppFolio by 29.5% in the second quarter. TIAA CREF Investment Management LLC now owns 33,637 shares of the software maker’s stock worth $1,097,000 after buying an additional 7,656 shares in the last quarter. Martingale Asset Management L P acquired a new stake in AppFolio during the second quarter worth $444,000. Alliancebernstein L.P. acquired a new stake in AppFolio during the second quarter worth $284,000. Finally, Wells Fargo & Company MN boosted its stake in AppFolio by 198.7% in the second quarter. Wells Fargo & Company MN now owns 18,724 shares of the software maker’s stock worth $610,000 after buying an additional 12,456 shares in the last quarter. 16.85% of the stock is owned by institutional investors and hedge funds.

AppFolio Company Profile

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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