Nordea Investment Management AB Invests $8.80 Million in AppFolio, Inc. $APPF

Nordea Investment Management AB acquired a new position in shares of AppFolio, Inc. (NASDAQ:APPF) during the fourth quarter, HoldingsChannel reports. The firm acquired 37,558 shares of the software maker’s stock, valued at approximately $8,795,000.

Several other institutional investors have also added to or reduced their stakes in APPF. Root Financial Partners LLC bought a new position in AppFolio during the 3rd quarter worth about $31,000. TD Private Client Wealth LLC boosted its position in shares of AppFolio by 2,116.7% during the third quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker’s stock worth $37,000 after buying an additional 127 shares during the period. First Horizon Corp bought a new position in shares of AppFolio during the third quarter worth about $39,000. Hantz Financial Services Inc. grew its holdings in shares of AppFolio by 373.3% during the third quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker’s stock worth $39,000 after buying an additional 112 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in AppFolio by 2,200.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 184 shares of the software maker’s stock valued at $51,000 after buying an additional 176 shares during the last quarter. 85.19% of the stock is owned by institutional investors.

AppFolio Stock Down 1.5%

NASDAQ:APPF opened at $158.57 on Thursday. AppFolio, Inc. has a twelve month low of $155.73 and a twelve month high of $326.04. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 40.87 and a beta of 0.75. The stock’s 50 day moving average price is $185.84 and its two-hundred day moving average price is $223.68.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on APPF. KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, February 2nd. Keefe, Bruyette & Woods reduced their target price on shares of AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Piper Sandler decreased their target price on shares of AppFolio from $350.00 to $245.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. UBS Group set a $260.00 price target on shares of AppFolio and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, William Blair reissued an “outperform” rating on shares of AppFolio in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $270.83.

Insider Transactions at AppFolio

In other AppFolio news, CEO William Shane Trigg sold 6,963 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the sale, the chief executive officer directly owned 52,920 shares of the company’s stock, valued at approximately $8,982,111.60. This represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.68% of the company’s stock.

AppFolio Company Profile

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.