Raymond James Financial Inc. Makes New $30.20 Million Investment in AppFolio, Inc. (NASDAQ:APPF)

Raymond James Financial Inc. acquired a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 122,385 shares of the software maker’s stock, valued at approximately $30,195,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Stifel Financial Corp boosted its stake in shares of AppFolio by 45.0% during the 3rd quarter. Stifel Financial Corp now owns 1,853 shares of the software maker’s stock worth $436,000 after purchasing an additional 575 shares during the last quarter. Barclays PLC grew its stake in AppFolio by 20.5% in the 3rd quarter. Barclays PLC now owns 9,888 shares of the software maker’s stock worth $2,327,000 after acquiring an additional 1,681 shares during the period. Geode Capital Management LLC lifted 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 purchasing an additional 32,743 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of AppFolio during the third quarter worth $687,000. Finally, Tidal Investments LLC grew its position in shares of AppFolio by 2.9% in the third quarter. Tidal Investments LLC now owns 1,425 shares of the software maker’s stock valued at $335,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Stock Performance

AppFolio stock opened at $218.78 on Friday. AppFolio, Inc. has a 1 year low of $189.01 and a 1 year high of $274.56. The firm’s 50-day moving average is $217.92 and its 200-day moving average is $231.29. The company has a market cap of $7.96 billion, a P/E ratio of 39.42 and a beta of 0.86.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. KeyCorp lowered 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. Piper Sandler reaffirmed a “neutral” rating and set a $265.00 price target on shares of AppFolio in a research report on Friday, January 31st. William Blair reissued an “outperform” rating on shares of AppFolio in a research note on Friday, January 31st. DA Davidson reduced their target price on AppFolio from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Monday. Finally, Stephens restated an “overweight” rating and set a $295.00 price target on shares of AppFolio in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, AppFolio presently has an average rating of “Hold” and an average price target of $272.71.

Insider Activity at AppFolio

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

About AppFolio

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.