AppFolio (APPF) Stock Forecast, Price Target & Predictions
APPF Stock Forecast
AppFolio stock forecast is as follows: an average price target of $225.00 (represents a -0.37% downside from APPF’s last price of $225.84) and a rating consensus of 'Buy', based on 6 wall street analysts offering a 1-year stock forecast.
APPF Price Target
The average price target for AppFolio (APPF) is $225.00 based on 1-year price targets from 6 Wall Street analysts in the past 3 months, with a price target range of $300.00 to $88.00. This represents a potential -0.37% downside from APPF's last price of $225.84.
APPF Analyst Ratings
According to 6 Wall Street analysts, AppFolio's rating consensus is 'Buy'. The analyst rating breakdown for APPF stock is 0 'Strong Buy' (0.00%), 5 'Buy' (83.33%), 1 'Hold' (16.67%), 0 'Sell' (0.00%), and 0 'Strong Sell' (0.00%).
AppFolio Price Target by Analyst
| Date | Analyst | Company | Price Target | Price when Published | Price Target/Price when Published | Price Target/Last Closing Price |
|---|---|---|---|---|---|---|
| Jul 26, 2024 | Brent Bracelin | Piper Sandler | $300.00 | $259.07 | 15.80% | 32.84% |
| Jul 26, 2024 | Jason Celino | KeyBanc | $300.00 | $237.90 | 26.10% | 32.84% |
| Jun 10, 2024 | Brent Bracelin | Piper Sandler | $295.00 | $231.30 | 27.54% | 30.62% |
| Aug 21, 2023 | John Campbell | Stephens | $212.00 | $187.76 | 12.91% | -6.13% |
| May 11, 2022 | Peter Heckmann | D.A. Davidson | $88.00 | $85.84 | 2.52% | -61.03% |
The latest AppFolio stock forecast, released on Jul 26, 2024 by Brent Bracelin from Piper Sandler, set a price target of $300.00, which represents a 15.80% increase from the stock price at the time of the forecast ($259.07), and a 32.84% increase from APPF last price ($225.84).
AppFolio Price Target by Period
| 1M | 3M | 12M | |
|---|---|---|---|
| # Anlaysts | - | 2 | 3 |
| Avg Price Target | - | $300.00 | $298.33 |
| Last Closing Price | $225.84 | $225.84 | $225.84 |
| Upside/Downside | -100.00% | 32.84% | 32.10% |
In the current month, the average price target of AppFolio stock is -, according to 0 Wall Street analyst offering twelve months forecast. The average price target represents a -100.00% decrease as opposed to AppFolio's last price of $225.84. This month's average price target is down -100.00% compared to last quarter, and down -100.00% compared to last year.
Analyst Ratings Upgrades/Downgrades
| Date | Company | Previous Rating | New Rating | Rating Change |
|---|---|---|---|---|
| Jul 26, 2024 | Piper Sandler | Overweight | Overweight | Hold |
| Jul 26, 2024 | KeyBanc | Overweight | Overweight | Hold |
| Jul 18, 2024 | BTIG | Buy | Buy | Hold |
| Jul 17, 2024 | Stephens | Market Perform | Market Perform | Hold |
| Jun 10, 2024 | Stephens | Market Perform | Market Perform | Hold |
| Jun 10, 2024 | Piper Sandler | - | Overweight | Initialise |
| Mar 18, 2024 | Stephens | Overweight | Overweight | Hold |
| Sep 01, 2023 | Needham | - | Buy | Upgrade |
| Aug 28, 2023 | William Blair | - | Outperform | Upgrade |
| Aug 21, 2023 | Stephens | - | Overweight | Upgrade |
AppFolio's last stock rating was published by Piper Sandler on Jul 26, 2024. The company gave APPF a "Overweight" rating, the same as its previous rate.
AppFolio Financial Forecast
AppFolio Revenue Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Dec 18 | Sep 18 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | $171.83M | - | $147.07M | $136.10M | $124.06M | $125.08M | - | $105.30M | $95.60M | $95.81M | $89.04M | $78.92M | $72.43M | $84.09M | $81.04M | $72.50M | $67.36M | $67.94M | $63.62M | $57.09M | $50.37M | $50.13M |
| Avg Forecast | $236.01M | $238.15M | $233.39M | $216.34M | $195.26M | $198.59M | $190.57M | $178.70M | $162.72M | $157.19M | $143.76M | $130.84M | $117.77M | $119.87M | $116.04M | $101.72M | $92.53M | $93.50M | $89.18M | $79.38M | $73.55M | $84.53M | $77.80M | $72.42M | $66.62M | $67.08M | $63.71M | $56.75M | $100.73M | $65.79M |
| High Forecast | $238.22M | $240.38M | $235.58M | $218.37M | $197.09M | $199.44M | $192.35M | $180.37M | $163.32M | $158.61M | $145.11M | $132.07M | $118.87M | $121.00M | $116.04M | $102.96M | $93.65M | $94.64M | $90.26M | $80.35M | $74.44M | $85.56M | $78.74M | $73.30M | $67.43M | $67.89M | $64.48M | $57.44M | $120.88M | $78.95M |
| Low Forecast | $232.88M | $234.99M | $230.29M | $213.47M | $192.67M | $197.77M | $188.04M | $176.33M | $161.95M | $156.00M | $141.85M | $129.10M | $116.21M | $118.28M | $116.04M | $100.54M | $91.45M | $92.41M | $88.14M | $78.46M | $72.69M | $83.55M | $76.89M | $71.58M | $65.85M | $66.30M | $62.97M | $56.09M | $80.58M | $52.63M |
| # Analysts | 4 | 3 | 4 | 3 | 8 | 3 | 1 | 1 | 3 | 6 | 3 | 3 | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 7 | 7 | 8 | 7 | 10 | 9 | 6 | 11 | 6 | 14 | 17 |
| Surprise % | - | - | - | - | - | - | - | - | 1.06% | - | 1.02% | 1.04% | 1.05% | 1.04% | - | 1.04% | 1.03% | 1.02% | 1.00% | 0.99% | 0.98% | 0.99% | 1.04% | 1.00% | 1.01% | 1.01% | 1.00% | 1.01% | 0.50% | 0.76% |
AppFolio's average Quarter revenue forecast for Mar 24 based on 1 analysts is $178.70M, with a low forecast of $176.33M, and a high forecast of $180.37M. APPF's average Quarter revenue forecast represents a 4.00% increase compared to the company's last Quarter revenue of $171.83M (Dec 23).
AppFolio EBITDA Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Dec 18 | Sep 18 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 4 | 3 | 4 | 3 | 8 | 3 | 1 | 1 | 3 | 6 | 3 | 3 | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 7 | 7 | 8 | 7 | 10 | 9 | 6 | 11 | 6 | 14 | 17 |
| EBITDA | - | - | - | - | - | - | - | - | $34.62M | - | $6.14M | $-18.86M | $-11.74M | $528.00K | - | $-5.90M | $12.79M | $8.44M | $10.08M | $2.98M | $6.21M | $198.69M | $14.01M | $10.32M | $7.18M | $10.49M | $9.16M | $4.52M | $6.61M | $9.41M |
| Avg Forecast | $13.85M | $13.97M | $13.70M | $12.70M | $11.46M | $11.65M | $11.18M | $-192.85M | $9.55M | $9.22M | $8.44M | $-206.25M | $6.91M | $17.19M | $6.81M | $-220.59M | $14.07M | $15.63M | $11.52M | $4.98M | $4.32M | $4.96M | $27.16M | $10.32M | $3.91M | $5.13M | $32.21M | $6.28M | $8.92M | $11.65M |
| High Forecast | $13.98M | $14.11M | $13.82M | $12.81M | $11.57M | $11.70M | $11.29M | $-154.28M | $9.58M | $9.31M | $8.51M | $-165.00M | $6.98M | $20.63M | $6.81M | $-176.47M | $16.89M | $18.76M | $13.83M | $5.97M | $4.37M | $5.02M | $32.59M | $12.38M | $3.96M | $6.15M | $38.65M | $7.53M | $10.71M | $13.98M |
| Low Forecast | $13.67M | $13.79M | $13.51M | $12.53M | $11.31M | $11.61M | $11.03M | $-231.41M | $9.50M | $9.15M | $8.32M | $-247.50M | $6.82M | $13.75M | $6.81M | $-264.71M | $11.26M | $12.50M | $9.22M | $3.98M | $4.27M | $4.90M | $21.73M | $8.26M | $3.86M | $4.10M | $25.77M | $5.02M | $7.14M | $9.32M |
| Surprise % | - | - | - | - | - | - | - | - | 3.63% | - | 0.73% | 0.09% | -1.70% | 0.03% | - | 0.03% | 0.91% | 0.54% | 0.88% | 0.60% | 1.44% | 40.05% | 0.52% | 1.00% | 1.84% | 2.05% | 0.28% | 0.72% | 0.74% | 0.81% |
1 analysts predict APPF's average Quarter EBITDA for Mar 24 to be $-192.85M, with a high of $-154.28M and a low of $-231.41M. This is -656.97% lower than AppFolio's previous annual EBITDA (Dec 23) of $34.62M.
AppFolio Net Income Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Dec 18 | Sep 18 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 4 | 3 | 4 | 3 | 8 | 3 | 1 | 1 | 3 | 6 | 3 | 3 | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 7 | 7 | 8 | 7 | 10 | 9 | 6 | 11 | 6 | 14 | 17 |
| Net Income | - | - | - | - | - | - | - | - | $30.27M | - | $-18.90M | $-35.11M | $-19.70M | $-4.16M | - | $-14.29M | $-1.33M | $-141.00K | $2.02M | $479.00K | $-513.00K | $137.68M | $19.26M | $1.98M | $4.43M | $4.98M | $23.15M | $3.73M | $2.65M | $5.52M |
| Avg Forecast | $50.69M | $51.48M | $50.86M | $45.47M | $36.05M | $37.74M | $35.17M | $-483.37M | $23.16M | $5.33M | $-9.00M | $-516.97M | $-14.51M | $-287.30K | $-9.72M | $-552.91M | $-1.46M | $-261.18K | $2.31M | $800.61K | $2.63M | $2.41B | $37.33M | $1.98M | $1.23M | $2.43M | $81.45M | $5.17M | $3.58M | $6.84M |
| High Forecast | $51.31M | $52.11M | $51.48M | $46.03M | $39.72M | $38.11M | $35.60M | $-386.69M | $24.79M | $6.37M | $-8.85M | $-413.57M | $-14.26M | $-229.84K | $-9.72M | $-442.33M | $-1.17M | $-208.95K | $2.77M | $960.74K | $2.68M | $2.89B | $44.79M | $2.38M | $1.25M | $2.92M | $97.74M | $6.21M | $4.29M | $8.21M |
| Low Forecast | $49.81M | $50.59M | $49.98M | $44.69M | $34.21M | $36.26M | $34.56M | $-580.04M | $22.18M | $4.55M | $-9.11M | $-620.36M | $-14.69M | $-344.76K | $-9.72M | $-663.49M | $-1.76M | $-313.42K | $1.85M | $640.49K | $2.60M | $1.93B | $29.86M | $1.59M | $1.21M | $1.95M | $65.16M | $4.14M | $2.86M | $5.47M |
| Surprise % | - | - | - | - | - | - | - | - | 1.31% | - | 2.10% | 0.07% | 1.36% | 14.49% | - | 0.03% | 0.91% | 0.54% | 0.88% | 0.60% | -0.19% | 0.06% | 0.52% | 1.00% | 3.61% | 2.05% | 0.28% | 0.72% | 0.74% | 0.81% |
AppFolio's average Quarter net income forecast for Mar 24 is $-483.37M, with a range of $-580.04M to $-386.69M. APPF's average Quarter net income forecast represents a -1696.95% decrease compared to the company's last Quarter net income of $30.27M (Dec 23).
AppFolio SG&A Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Dec 18 | Sep 18 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 4 | 3 | 4 | 3 | 8 | 3 | 1 | 1 | 3 | 6 | 3 | 3 | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 7 | 7 | 8 | 7 | 10 | 9 | 6 | 11 | 6 | 14 | 17 |
| SG&A | - | - | - | - | - | - | - | - | $40.54M | - | $45.82M | $61.09M | $54.37M | $44.99M | - | $43.88M | $36.25M | $32.77M | $31.92M | $29.54M | $26.50M | $27.84M | $28.50M | $23.08M | $23.56M | $21.59M | $21.45M | $19.41M | $17.36M | $15.22M |
| Avg Forecast | $84.53M | $85.30M | $83.59M | $77.49M | $69.94M | $71.13M | $68.25M | $64.00M | $58.28M | $56.30M | $51.49M | $46.86M | $42.18M | $66.76M | $41.56M | $36.43M | $39.88M | $60.69M | $36.48M | $49.37M | $26.34M | $30.28M | $55.25M | $23.08M | $23.86M | $10.56M | $22.82M | $26.96M | $23.44M | $18.85M |
| High Forecast | $85.32M | $86.10M | $84.38M | $78.21M | $70.59M | $71.43M | $68.89M | $64.60M | $58.49M | $56.81M | $51.97M | $47.30M | $42.58M | $80.12M | $41.56M | $36.88M | $47.85M | $72.83M | $43.78M | $59.25M | $26.66M | $30.64M | $66.30M | $27.69M | $24.15M | $12.67M | $23.10M | $32.35M | $28.13M | $22.62M |
| Low Forecast | $83.41M | $84.17M | $82.48M | $76.46M | $69.01M | $70.84M | $67.35M | $63.15M | $58.00M | $55.87M | $50.81M | $46.24M | $41.62M | $53.41M | $41.56M | $36.01M | $31.90M | $48.56M | $29.18M | $39.50M | $26.04M | $29.92M | $44.20M | $18.46M | $23.58M | $8.44M | $22.55M | $21.57M | $18.75M | $15.08M |
| Surprise % | - | - | - | - | - | - | - | - | 0.70% | - | 0.89% | 1.30% | 1.29% | 0.67% | - | 1.20% | 0.91% | 0.54% | 0.88% | 0.60% | 1.01% | 0.92% | 0.52% | 1.00% | 0.99% | 2.05% | 0.94% | 0.72% | 0.74% | 0.81% |
AppFolio's average Quarter SG&A projection for Mar 24 is $64.00M, based on 1 Wall Street analysts, with a range of $63.15M to $64.60M. The forecast indicates a 57.89% rise compared to APPF last annual SG&A of $40.54M (Dec 23).
AppFolio EPS Forecast
| Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | Jun 19 | Mar 19 | Dec 18 | Sep 18 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 4 | 3 | 4 | 3 | 8 | 3 | 1 | 1 | 3 | 6 | 3 | 3 | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 7 | 7 | 8 | 7 | 10 | 9 | 6 | 11 | 6 | 14 | 17 |
| EPS | - | - | - | - | - | - | - | - | $0.85 | - | $-0.53 | $-0.99 | $-0.56 | $-0.12 | - | $-0.41 | $-0.04 | $-0.00 | $0.06 | $0.01 | $-0.01 | $4.01 | $0.56 | $0.06 | $0.13 | $0.15 | $0.68 | $0.11 | $0.08 | $0.16 |
| Avg Forecast | $1.38 | $1.40 | $1.38 | $1.24 | $0.98 | $1.03 | $0.96 | $0.88 | $0.63 | $0.15 | $-0.24 | $-0.41 | $-0.40 | $-0.36 | $-0.27 | $-0.09 | $-0.03 | $0.07 | $0.10 | $0.06 | $0.07 | $0.17 | $0.12 | $0.05 | $0.03 | $0.09 | $0.11 | $0.17 | $0.19 | $0.26 |
| High Forecast | $1.40 | $1.42 | $1.40 | $1.25 | $1.08 | $1.04 | $0.97 | $0.90 | $0.67 | $0.17 | $-0.24 | $-0.40 | $-0.39 | $-0.36 | $-0.27 | $-0.09 | $-0.02 | $0.07 | $0.10 | $0.06 | $0.07 | $0.18 | $0.12 | $0.05 | $0.03 | $0.09 | $0.11 | $0.17 | $0.23 | $0.31 |
| Low Forecast | $1.36 | $1.38 | $1.36 | $1.22 | $0.93 | $0.99 | $0.94 | $0.87 | $0.60 | $0.12 | $-0.25 | $-0.41 | $-0.40 | $-0.37 | $-0.27 | $-0.09 | $-0.03 | $0.07 | $0.09 | $0.06 | $0.07 | $0.17 | $0.12 | $0.05 | $0.03 | $0.09 | $0.11 | $0.16 | $0.15 | $0.21 |
| Surprise % | - | - | - | - | - | - | - | - | 1.35% | - | 2.16% | 2.44% | 1.42% | 0.33% | - | 4.66% | 1.53% | -0.06% | 0.63% | 0.16% | -0.14% | 22.91% | 4.73% | 1.13% | 3.88% | 1.71% | 6.18% | 0.66% | 0.42% | 0.62% |
According to 1 Wall Street analysts, AppFolio's projected average Quarter EPS for Mar 24 is $0.88, with a low estimate of $0.87 and a high estimate of $0.90. This represents a 4.09% increase compared to APPF previous annual EPS of $0.85 (Dec 23).
AppFolio Peer Comparison by Price Target
| Ticker | Company | Last Closing Price | Avg Price Target | Upside/Downside | Avg Rating |
|---|---|---|---|---|---|
| PRO | PROS | $17.84 | $41.00 | 129.82% | Buy |
| ASUR | Asure Software | $9.13 | $20.00 | 119.06% | Buy |
| BL | BlackLine | $50.01 | $96.83 | 93.62% | Buy |
| PYCR | Paycor HCM | $13.89 | $23.11 | 66.38% | Hold |
| ALRM | Alarm.com | $55.25 | $78.75 | 42.53% | Buy |
| NCNO | nCino | $29.39 | $41.89 | 42.53% | Buy |
| AMSWA | American Software | $10.95 | $15.50 | 41.55% | Buy |
| WK | Workiva | $74.73 | $93.75 | 25.45% | Buy |
| GBTG | Global Business Travel Group | $7.28 | $8.50 | 16.76% | Buy |
| ALKT | Alkami | $30.17 | $34.50 | 14.35% | Buy |
| BSY | Bentley Systems | $49.57 | $53.00 | 6.92% | Buy |
| AGYS | Agilysys | $102.17 | $108.33 | 6.03% | Buy |
| APPF | AppFolio | $225.84 | $225.00 | -0.37% | Buy |
| QTWO | Q2 | $74.80 | $65.15 | -12.90% | Buy |
| BLKB | Blackbaud | $84.77 | $48.00 | -43.38% | Buy |
APPF Forecast FAQ
Is AppFolio a good buy?
Yes, according to 6 Wall Street analysts, AppFolio (APPF) is considered a 'Buy'. The rating consensus is based on 0 'Strong Buy' and 5 'Buy' recommendations, accounting for 83.33% of APPF's total ratings.
What is APPF's price target?
AppFolio (APPF) average price target is $225 with a range of $88 to $300, implying a -0.37% from its last price of $225.84. The data is based on 6 Wall Street analysts who provided a twelve-month price target estimate in the last three months.
Will AppFolio stock go up soon?
According to Wall Street analysts' prediction for APPF stock, the company can go down by -0.37% (from the last price of $225.84 to the average price target of $225), up by 32.84% based on the highest stock price target, and down by -61.03% based on the lowest stock price target.
Can AppFolio stock reach $300?
APPF's average twelve months analyst stock price target of $225 does not support the claim that AppFolio can reach $300 in the near future.
What are AppFolio's analysts' financial forecasts?
AppFolio's analysts financial forecasts for the fiscal year (Dec 2024) are as follows: average revenue is $763.12M (high $769.26M, low $754.81M), average EBITDA is $-159M (high $-120M, low $-197M), average net income is $-374M (high $-273M, low $-475M), average SG&A $273.32M (high $275.52M, low $270.35M), and average EPS is $3.85 (high $3.98, low $3.73). APPF's analysts financial forecasts for the fiscal year (Dec 2025) are as follows: average revenue is $923.9M (high $932.55M, low $911.64M), average EBITDA is $54.21M (high $54.72M, low $53.5M), average net income is $198.5M (high $200.92M, low $195.08M), average SG&A $330.91M (high $334.01M, low $326.52M), and average EPS is $5.4 (high $5.47, low $5.31).
Did the APPF's actual financial results beat the analysts' financial forecasts?
Based on AppFolio's last annual report (Dec 2023), the company's revenue was $620.44M, beating the average analysts forecast of $594.51M by 4.36%. Apple's EBITDA was $36.81M, missing the average prediction of $-179M by -120.56%. The company's net income was $2.7M, missing the average estimation of $-497M by -100.54%. Apple's SG&A was $191.71M, missing the average forecast of $212.93M by -9.97%. Lastly, the company's EPS was $0.0758, missing the average prediction of $0.125 by -39.48%. In terms of the last quarterly report (Dec 2023), AppFolio's revenue was $171.83M, beating the average analysts' forecast of $162.72M by 5.60%. The company's EBITDA was $34.62M, beating the average prediction of $9.55M by 262.62%. AppFolio's net income was $30.27M, beating the average estimation of $23.16M by 30.71%. The company's SG&A was $40.54M, missing the average forecast of $58.28M by -30.45%. Lastly, the company's EPS was $0.85, beating the average prediction of $0.63 by 34.87%