New York State Common Retirement Fund Cuts Stake in AppFolio, Inc. $APPF

New York State Common Retirement Fund cut its holdings in AppFolio, Inc. (NASDAQ:APPF) by 74.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,619 shares of the software maker’s stock after selling 167,118 shares during the quarter. New York State Common Retirement Fund owned approximately 0.16% of AppFolio worth $15,883,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC raised its stake in AppFolio by 73.6% in the second quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker’s stock worth $168,894,000 after buying an additional 310,834 shares in the last quarter. Norges Bank purchased a new stake in shares of AppFolio during the 2nd quarter worth $34,425,000. Long Walk Management LP boosted its position in AppFolio by 78.5% during the second quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock valued at $63,632,000 after purchasing an additional 121,525 shares in the last quarter. Brown Advisory Inc. grew its stake in AppFolio by 76.3% in the second quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock valued at $51,327,000 after purchasing an additional 96,470 shares during the last quarter. Finally, Watchtower Advisors LP bought a new position in AppFolio in the second quarter worth about $14,105,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Key Headlines Impacting AppFolio

Here are the key news stories impacting AppFolio this week:

• Positive Sentiment: Q4 results topped expectations — EPS $1.39 vs. $1.22 est., revenue $248.2M vs. $246.6M, and revenue +21.7% YoY. Solid margins and ROE were highlighted in the release. AppFolio Q4 results
• Positive Sentiment: Some investors / analysts view the post‑earnings dip as a buying opportunity: a recent write‑up upgrades APPF to “Buy,” pointing to FY26 guidance implying ~17% revenue growth, margin expansion, and a compressed multiple vs. history. Seeking Alpha upgrade
• Positive Sentiment: Management set FY2026 revenue targets (~$1.10B–$1.12B) and emphasized AI‑driven growth and premium‑tier adoption as drivers — a growth narrative that could support upside if execution accelerates. MSN: FY2026 revenue target
• Neutral Sentiment: Company issued FY2026 guidance (revenue target provided; EPS guidance was unclear in some summaries). Guidance will be the main driver to watch as investors parse growth vs. margin trajectory. AppFolio press release / prepared remarks
• Negative Sentiment: Multiple firms lowered price targets the same day (JPMorgan $330→$300; DA Davidson $325→$275; Piper Sandler $350→$245; Keefe Bruyette & Woods $311→$290). Those cuts (even with continued “buy/overweight” stances) likely pressured the stock by tempering near‑term upside expectations. Analyst price target cuts (Benzinga)
• Negative Sentiment: Market reaction: shares initially slipped after guidance despite the beat, with coverage noting the revenue outlook disappointed some investors — adding selling pressure and higher volume. Investing.com: shares slip after guidance

AppFolio Trading Down 8.3%

APPF opened at $189.88 on Monday. The firm has a 50 day moving average of $227.08 and a two-hundred day moving average of $249.59. The firm has a market capitalization of $6.82 billion, a PE ratio of 48.94 and a beta of 0.75. AppFolio, Inc. has a 12-month low of $186.45 and a 12-month high of $326.04.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on APPF shares. KeyCorp set a $255.00 price objective on shares of AppFolio in a research report on Friday. Weiss Ratings downgraded AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, January 16th. UBS Group set a $260.00 target price on AppFolio and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company reiterated a “buy” rating on shares of AppFolio in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. cut their price objective on shares of AppFolio from $330.00 to $300.00 and set an “overweight” rating on the stock in a report on Friday. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $270.83.

Insider Activity at AppFolio

In related news, CFO Timothy Mathias Eaton sold 517 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $228.34, for a total transaction of $118,051.78. Following the sale, the chief financial officer directly owned 10,104 shares of the company’s stock, valued at approximately $2,307,147.36. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Evan Pickering sold 334 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $243.67, for a total value of $81,385.78. Following the sale, the general counsel owned 2,969 shares in the company, valued at $723,456.23. This trade represents a 10.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,745 shares of company stock worth $2,097,550 in the last three months. Company insiders own 4.68% of the company’s stock.

AppFolio 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.