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Why AppFolio Stock Soared Today

TheMotleyFool 
0 0 25.10.24
Why AppFolio Stock Soared TodayPhoto, wide shot, wide-angle lens, Cloud computing provider, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/8d7b6619-8b3b-4e9e-b659-68643d72528e.png
 

Shares of property management software company (NASDAQ: APPF) soared on Friday after the company reported double-digit growth for the third quarter of 2024 as well as strong profitability. As of 12:30 p.m. ET, AppFolio stock was up 12%.

In Q3, AppFolio generated revenue of $206 million, which was a 24% year-over-year increase. The company helps property owners manage their portfolios and consequently benefits from more rental units using its services. It ended Q3 with 8.5 million units, which was up 9%.

AppFolio kept its expenses under control as revenue soared. The company consequently had an operating margin of almost 21% in Q3 compared with operating losses in the same quarter of last year. This is an extremely welcome development.

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Source Fool.com

Appfolio Inc Stock

€187.50
1.060%
Appfolio Inc gained 1.060% today.
The community is currently still undecided about Appfolio Inc with 2 Buy predictions and 0 Sell predictions.
On the other hand, the target price of 170 € is below the current price of 187.5 € for Appfolio Inc, so the potential is actually -9.33%.
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