Fred Alger Management LLC Acquires Shares of 68,685 AppFolio, Inc. (NASDAQ:APPF)

Fred Alger Management LLC acquired a new stake in shares of AppFolio, Inc. (NASDAQ:APPF – Get Rating) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 68,685 shares of the software maker’s stock, valued at approximately $7,193,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. BNP Paribas Arbitrage SNC lifted its stake in shares of AppFolio by 64.5% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 7,001 shares of the software maker’s stock valued at $733,000 after purchasing an additional 2,746 shares during the period. State Street Corp lifted its stake in shares of AppFolio by 1.0% in the 3rd quarter. State Street Corp now owns 412,571 shares of the software maker’s stock valued at $43,204,000 after purchasing an additional 4,145 shares during the period. Algert Global LLC acquired a new position in shares of AppFolio in the 3rd quarter valued at $1,962,000. Vanguard Group Inc. lifted its stake in shares of AppFolio by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,787,418 shares of the software maker’s stock valued at $187,178,000 after purchasing an additional 16,886 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of AppFolio by 29.2% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 11,700 shares of the software maker’s stock valued at $1,226,000 after purchasing an additional 2,646 shares during the period. 64.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on APPF. StockNews.com cut shares of AppFolio from a “hold” rating to a “sell” rating in a research note on Saturday, November 19th. KeyCorp boosted their price target on shares of AppFolio from $131.00 to $141.00 and gave the stock an “overweight” rating in a report on Friday, January 27th. Finally, DA Davidson boosted their price target on shares of AppFolio from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, January 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $123.67.

AppFolio Stock Performance

Shares of NASDAQ APPF opened at $119.14 on Wednesday. The firm has a market cap of $4.22 billion, a PE ratio of -61.10 and a beta of 0.98. The firm has a fifty day moving average of $121.03 and a 200 day moving average of $112.74. AppFolio, Inc. has a one year low of $79.92 and a one year high of $135.81.

AppFolio (NASDAQ:APPF – Get Rating) last issued its quarterly earnings results on Thursday, January 26th. The software maker reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.23). AppFolio had a negative return on equity of 24.97% and a negative net margin of 14.44%. The company had revenue of $124.06 million during the quarter, compared to analysts’ expectations of $117.00 million. On average, equities analysts predict that AppFolio, Inc. will post -1.48 EPS for the current fiscal year.

About AppFolio

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AppFolio, Inc, provides industry-specific cloud-based business software solutions, services, and data analytics for the real estate industry. The firm offers AppFolio Property Manager, a property management solution designed to address the operational and business requirements of property management companies and their business ecosystems and AppFolio Investment Management, a cloud-based software solution for real estate investment managers of various sizes that provides tools and services designed to streamline their real estate investment management businesses.