Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Appfolio Inc (APPF)

396 + Investors. Track Smart Money conviction in APPF. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -3
Streak
2Q ▼
Buyers last Q
58%

Smart Money Signals — APPF

Based on 397 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their APPF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (99% of max)

99% of all-time peak
397 hedge funds hold APPF right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +5% more funds vs a year ago

fund count last 6Q
+18 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 58% buying

258 buying186 selling
Last quarter: 258 funds bought or added vs 186 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
📈

More new buyers each quarter (+9 vs last Q)

new funds entering per quarter
Funds opening a new APPF position: 62 → 75 → 64 → 73. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

49% of holders stayed for 2+ years

■ 49% conviction (2yr+) ■ 30% medium ■ 21% new
193 out of 397 hedge funds have held APPF for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +1%, value -32%

Value
-31%
Shares
+1%
Last quarter: funds added +1% more shares while total portfolio value only changed -32%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~73 new funds/quarter

75 → 62 → 75 → 64 → 73 new funds/Q
New funds entering each quarter: 62 → 75 → 64 → 73. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 51% veterans vs 28% newcomers

■ 51% veterans ■ 21% 1-2yr ■ 28% new
Entry-cohort mix of 406 holders: 207 (51%) are 2+ year veterans, 85 entered 1–2 years ago, and 114 (28%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 31% AUM from major funds

31% from top-100 AUM funds
51 of 394 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.5
out of 10
Low Exit Risk
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — APPF

In 2026 Q1, 258 hedge funds were net buyers of APPF (73 opened a new position, 185 added to an existing one), while 186 reduced or exited (110 trimmed, 76 sold completely) — a 58% buyer ratio, indicating a slight buying edge. Net selling has persisted for two consecutive quarters. 31% of total institutional value in APPF is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -3 funds (more exits than new entries). Total institutional holders: 397.

Hedge Fund Ownership: APPF

How many hedge funds hold APPF — quarterly history vs. share price
Quarterly hedge fund ownership of APPF vs. share price

Market Analysis: APPF

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: APPF

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Appfolio Inc (APPF) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much APPF has moved relative to its sector benchmark (XLK) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 75d ago
APPF
+2.1%
XLK
+39.1%

APPF outperformed XLK by -37.0% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 30d ago
APPF
+6.3%
XLK
+4.8%

Since the filing became public, APPF outperformed XLK by +1.5% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

32 top-rated funds 3 high-conviction
Consensus
6.6
/ 10
breadth
×
Elite
3.0
/ 10
conviction
Hedge Fund Positioning: APPF
396 + Investors

Track Smart Money conviction in APPF. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 396 400 -1.0%
13F Shares 22M 21M 1.36%
Total Value $3.27B $4.79B -31.62%
New Positions 73 64 +9
Increased Positions 182 153 +29
Closed Positions 77 66 +11
Reduced Positions 106 128 -22
Total Calls 8 7 14.29%
Total Puts 4 8 -50.0%
PUT/CALL Ratio 0.5 1.14 Bullish

Statistics: APPF

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Total Cash (mrq) --
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Institutional Holders (2026 Q1)

396 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in APPF. Verified SEC 13F-HR filings.

QUARTER:
Top 25 APPF holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Ashe Capital Management, LP 20.74% 1,047,915 $165.4M
2 TenCore Partners, LP 13.48% 109,905 $17.3M
3 Nellore Capital Management LLC 12.83% 636,302 $100.4M
4 Keenan Capital, LLC 11.14% 334,557 $52.8M
5 Greenstone Partners & Co., LLC 10.93% 273,497 $43.2M
6 Long Walk Management LP 9.39% 204,500 $32.3M
7 Lead Edge Capital Management, LLC 8.14% 210,260 $33.2M
8 TFJ Management, LLC 5.78% 51,739 $8.2M
9 Langdon Equity Partners 4.16% 35,250 $5.6M
10 Brown Capital Management LLC 2.42% 108,134 $17.1M
11 Sone Capital Management, LLC 1.77% 133,705 $21.1M
12 Alamar Capital Management, LLC 1.54% 16,025 $2.5M
13 Caledonia (Private) Investments Pty Ltd 1.51% 328,277 $51.8M
14 Davidson Kahn Capital Management, LLC 1.49% 17,706 $2.8M
15 Kerrisdale Advisers, LLC 1.34% 22,344 $3.5M
16 Tensile Capital Management LP 1.20% 53,000 $8.4M
17 Ranger Investment Management, L.P. 1.13% 98,630 $15.6M
18 Crosslink Capital Inc 1.10% 71,490 $11.3M
19 Df Dent & Co Inc 0.97% 320,512 $50.6M
20 Atika Capital Management LLC 0.94% 47,500 $7.5M
21 Alternative Investment Advisors, LLC. 0.87% 12,583 $2.0M
22 Index Technologies Group LLC 0.73% 4,228 $667K
23 Quantum Capital Management, LLC / NJ 0.68% 33,909 $5.4M
24 Channel Wealth LLC 0.63% 16,486 $2.6M
25 Gilder Gagnon Howe & Co LLC 0.50% 265,330 $41.9M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Appfolio Inc (APPF)

What does the Smart Money Trend signal show for APPF?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their APPF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for APPF?

Slight buying edge — 58% buying: Last quarter: 258 funds bought or added vs 186 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for APPF holders?

Strong quality — 31% AUM from major funds: 51 of 394 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held APPF?

49% of holders stayed for 2+ years: 193 out of 397 hedge funds have held APPF for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Appfolio Inc (APPF) following the 2026 Q1 hedge fund 13F filings?

As of today, APPF has moved +6.3% since the 2026 Q1 13F filing date (May 15, 2026), compared to +4.8% for the XLK sector ETF — an outperformance of +1.5%. Since the quarter end (March 31, 2026), APPF has gained +2.1% vs +39.1% for XLK. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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