AppFolio, Inc. (NASDAQ:APPF)‘s stock had its “buy” rating reaffirmed by equities researchers at KeyCorp in a research note issued on Friday.

The analysts wrote, “We believe continued top-line upside demonstrates AppFolio’s ability to take share in the property management and legal verticals. APPF has emerged as an SMB SaaS pure-play to watch based on solid execution and improving profitability, in our view.””

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of AppFolio from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a report on Thursday, May 11th. Pacific Crest reaffirmed a “hold” rating on shares of AppFolio in a report on Monday, May 8th. BidaskClub raised shares of AppFolio from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 21st. Morgan Stanley upped their price target on shares of AppFolio to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, July 20th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $35.00 price target (up previously from $27.00) on shares of AppFolio in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $38.33.

Shares of AppFolio (NASDAQ:APPF) opened at 35.80 on Friday. The firm has a market cap of $1.21 billion, a P/E ratio of 1154.84 and a beta of 0.78. AppFolio has a 12 month low of $17.51 and a 12 month high of $38.85. The company’s 50-day moving average price is $34.16 and its 200-day moving average price is $28.30.

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In related news, major shareholder Marc Stad sold 400,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $30.00, for a total value of $12,000,000.00. Following the completion of the transaction, the insider now directly owns 25,780 shares in the company, valued at $773,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Global Fund Ii L.P. Dragoneer sold 50,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $31.00, for a total transaction of $1,550,000.00. Following the completion of the transaction, the insider now owns 23,469 shares of the company’s stock, valued at $727,539. The disclosure for this sale can be found here. Insiders sold 1,592,011 shares of company stock valued at $52,506,807 over the last quarter. 44.77% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in APPF. State Street Corp raised its position in shares of AppFolio by 14.4% in the fourth quarter. State Street Corp now owns 96,083 shares of the software maker’s stock valued at $2,293,000 after buying an additional 12,096 shares during the period. Strs Ohio bought a new position in shares of AppFolio during the first quarter valued at about $359,000. Bank of New York Mellon Corp raised its position in shares of AppFolio by 9.5% in the first quarter. Bank of New York Mellon Corp now owns 28,094 shares of the software maker’s stock valued at $764,000 after buying an additional 2,445 shares during the period. Blair William & Co. IL raised its position in shares of AppFolio by 3.6% in the first quarter. Blair William & Co. IL now owns 109,040 shares of the software maker’s stock valued at $2,710,000 after buying an additional 3,775 shares during the period. Finally, American International Group Inc. raised its position in shares of AppFolio by 7.2% in the first quarter. American International Group Inc. now owns 4,683 shares of the software maker’s stock valued at $127,000 after buying an additional 314 shares during the period. Institutional investors own 16.85% of the company’s stock.

About AppFolio

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.

Analyst Recommendations for AppFolio (NASDAQ:APPF)

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