PNC Financial Services Group Inc. Trims Stake in AppFolio, Inc. (NASDAQ:APPF)

PNC Financial Services Group Inc. cut its stake in AppFolio, Inc. (NASDAQ:APPF) by 39.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,529 shares of the software maker’s stock after selling 984 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AppFolio were worth $377,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. State Street Corp increased its stake in shares of AppFolio by 8.2% in the 3rd quarter. State Street Corp now owns 653,136 shares of the software maker’s stock valued at $153,748,000 after purchasing an additional 49,238 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of AppFolio by 82.2% in the third quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker’s stock valued at $108,116,000 after buying an additional 207,204 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of AppFolio by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 413,032 shares of the software maker’s stock worth $97,252,000 after buying an additional 32,743 shares during the period. DF Dent & Co. Inc. lifted its position in shares of AppFolio by 10.1% during the 3rd quarter. DF Dent & Co. Inc. now owns 351,691 shares of the software maker’s stock valued at $82,788,000 after buying an additional 32,181 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in AppFolio by 31.2% in the 3rd quarter. Franklin Resources Inc. now owns 228,655 shares of the software maker’s stock valued at $51,800,000 after acquiring an additional 54,386 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Trading Down 0.7 %

Shares of APPF stock opened at $215.51 on Friday. AppFolio, Inc. has a twelve month low of $189.01 and a twelve month high of $274.56. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of 38.83 and a beta of 0.89. The firm has a 50-day moving average price of $228.41 and a 200 day moving average price of $232.56.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, January 30th. The software maker reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.34). AppFolio had a return on equity of 26.21% and a net margin of 25.69%. As a group, research analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Piper Sandler restated a “neutral” rating and issued a $265.00 price objective on shares of AppFolio in a report on Friday, January 31st. KeyCorp downgraded shares of AppFolio from an “overweight” rating to a “sector weight” rating and set a $253.00 price target on the stock. in a research note on Friday, January 10th. Stephens reiterated an “overweight” rating and issued a $295.00 price objective on shares of AppFolio in a report on Friday, January 31st. Finally, William Blair reissued an “outperform” rating on shares of AppFolio in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $276.29.

Insider Activity

In other AppFolio news, Director Alexander Wolf bought 9,678 shares of the stock in a transaction on Thursday, February 13th. The stock was purchased at an average price of $214.81 per share, for a total transaction of $2,078,931.18. Following the completion of the purchase, the director now directly owns 3,226 shares in the company, valued at approximately $692,977.06. This trade represents a -150.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Shane Trigg sold 3,501 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $217.27, for a total transaction of $760,662.27. Following the sale, the chief executive officer now owns 83,824 shares in the company, valued at approximately $18,212,440.48. This trade represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.24% of the company’s stock.

AppFolio Company Profile

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.