AppFolio's stock experienced a significant pre-market plunge of 11.16% on Friday, following disappointing financial results and a wave of analyst price target reductions.
The property management software provider reported quarterly earnings that fell short of analyst expectations and issued revenue guidance for the coming fiscal year that came in below consensus estimates, disappointing investors and triggering the sell-off.
Multiple Wall Street firms responded by cutting their price targets on AppFolio shares, including Piper Sandler (to $245 from $350), D.A. Davidson (to $275 from $325), JP Morgan (to $300 from $330), Keefe Bruyette & Woods (to $290 from $311), and KBW (to $290 from $311), reflecting concerns about the company's near-term prospects.
Comments