Appfolio

APPF · NASDAQ

$223.70+$11.79 (+5.56%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $211.91

APPF analyst rating

BuyConsensus of 8 analysts over the last 12 months. 88% rate it a buy.

Strong buy0
Buy7
Hold1
Underperform0
Sell0

12-month price target · 10 analysts

Average $239.39 (+7.0% upside)

Low: $219.46
Now: $223.70
High: $294.00

Upgrades and downgrades

The latest rating actions, newest first

APPF analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 7, 2026	Downgrade	Buy → Neutral	$200.00 → $220.00	33%
Keybanc	Sep 17, 2026	Maintains	Overweight	$255.00 → $280.00	53%
Guggenheim	Jul 23, 2026	Initiates	Buy	$232.00	59%
Benchmark	Apr 24, 2026	Maintains	Buy	$222.00 → $226.00	33%
Piper Sandler	Apr 24, 2026	Maintains	Overweight	$245.00 → $210.00	57%
Benchmark	Mar 26, 2026	Initiates	Buy	$222.00	33%
JP Morgan	Jan 30, 2026	Maintains	Overweight	$330.00 → $300.00	63%
DA Davidson	Jan 30, 2026	Maintains	Buy	$325.00 → $275.00	58%
Keefe, Bruyette & Woods	Jan 30, 2026	Maintains	Outperform	$311.00 → $290.00	35%
Piper Sandler	Jan 30, 2026	Maintains	Overweight	$350.00 → $245.00	57%

The case for and against

Updated Oct 14, 2026

Bull case

AppFolio is well positioned to compound value through a durable core property-management platform, with 9.4M units under management at the end of FY25 and 9.5M units in 1Q26, plus a broad product suite that supports land-and-expand monetization. Its outlook is strengthened by ARPU expansion from premium tiers and value-added services, especially resident services through LiveEasy and Second Nature, where customers can spend more than $100 per month and AppFolio may capture roughly a 20% take rate as adoption matures. Financially, the company showed 20.4% y/y revenue growth in Q1, value-added services surpassed an $800M run rate, and management raised 2026 revenue guidance by $7.5M at the midpoint while operating margin guidance improved to 27%.

Bear case

AppFolio is facing a negative setup because pricing pressure and intense competition are slowing unit growth, softening demand for property management solutions and value-added services, even as 2026 subscription growth consensus sits at 15.6% and total revenue growth is expected around 18% Y/Y. Its exposure to macro risks, including higher interest rates and renter supply-demand shifts, is especially relevant because multifamily start growth has recently outpaced APPF unit growth, while customer spending could also be disrupted by AI-native entrants. Despite solid Q1 execution with +8% unit growth, 424 net adds, +9% subscription ARPU, and +22% value-added services growth, recent share performance remains weak, with APPF down 27.9% YTD and a current multiple of 5.1x EV/NTM recurring revenue reflecting limited upside.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.