William Blair Investment Management Reduces Stake in AppFolio

Asset manager cuts holdings in property management software company by nearly 25%

Published on Mar. 2, 2026

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William Blair Investment Management LLC decreased its stake in AppFolio, Inc. (NASDAQ:APPF) by 24.7% in the third quarter, according to a recent SEC filing. The asset management firm now owns 551,969 shares of the software maker's stock, down from 733,428 shares held previously.

Why it matters

AppFolio is a leading provider of cloud-based property management software, serving both residential and commercial real estate clients. The company's stock has seen significant volatility over the past year, with shares trading between $161 and $326. This reduction in holdings by a major institutional investor could signal broader concerns about the company's growth prospects or valuation.

The details

According to the 13F filing, William Blair Investment Management sold 181,459 shares of AppFolio stock during the third quarter. The firm now owns approximately 1.54% of the company's outstanding shares, down from 2.05% previously. No specific reasons were provided for the portfolio reduction.

  • William Blair Investment Management filed its 13F report for the third quarter of 2025 on March 1, 2026.

The players

William Blair Investment Management LLC

A Chicago-based asset management firm that oversees over $100 billion in client assets.

AppFolio, Inc.

A Santa Barbara-based provider of cloud-based software solutions for the property management and legal industries.

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The takeaway

This reduction in holdings by a major institutional investor like William Blair Investment Management could signal broader concerns about AppFolio's growth prospects or valuation. However, the company remains a leader in the property management software space, and its stock continues to be widely followed by Wall Street analysts.