AppFolio, Inc. (APPF)

Highly Crowded

Held by 375 of 5,944 reporting institutions (96th percentile) — extremely crowded.

Data as of Q1 2026

Institutional Ownership

55.41%

QoQ Change

+0.75%

Total Value

$3.0T

Shares Outstanding

36.0M

Crowding AnalysisHighly Crowded

Holders375of 5,944

Avg: 68

Uncrowded96th percentileCrowded

Institutional Activity

Buy/Sell Ratio1.35x

91th percentile

256 buying190 selling

+73

New

-82

Closed

+400K

Net shares

Holding Period Distribution

estimate

Median: 3 QAvg: 3.2 QHolders: 375

Ownership Concentration

Top 5: 38.3%Top 10: 53.4%

BlackRock,12.8%

PRINCIPAL FINANCIAL GROUP7.5%

VANGUARD PORTFOLIO MANAGEMENT7.4%

VANGUARD CAPITAL MANAGEMENT5.3%

Ashe Capital Management,5.3%

Others (370)61.8%

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Conviction-Weighted Ownership

Median weight: 0.01%Avg weight: 3.41%Max: 20.74%High conviction (>1%): 2

BlackRock,

PRINCIPAL FINANCIAL GROUP

VANGUARD PORTFOLIO MANAGEMENT

VANGUARD CAPITAL MANAGEMENT

Ashe Capital Management,

STATE STREET

WILLIAM BLAIR INVESTMENT MANAGEMENT,

Nellore Capital Management

PRICE T ROWE ASSOCIATES

GEODE CAPITAL MANAGEMENT,

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Whale Moves Timeline (8 Quarters)

Biggest dollar-value position changes among top 10 holders

NEWVANGUARD PORTFOLIO MANAGEMENT$234M1.5M shr

NEWVANGUARD CAPITAL MANAGEMENT$165M1.0M shr

BOUGHTPRINCIPAL FINANCIAL GROUP$41M260K shr

BOUGHTBlackRock$28M179K shr

BOUGHTNellore Capital Management$17M107K shr

NEWNellore Capital Management$123M530K shr

NEWGEODE CAPITAL MANAGEMENT$110M472K shr

SOLDAshe Capital Management$59M253K shr

BOUGHTVANGUARD GROUP$24M101K shr

SOLDKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT$22M95K shr

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Institutional Trends (8 Quarters)

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Institutional Holders

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