Insider Selling: AppFolio, Inc. (NASDAQ:APPF) Major Shareholder Sells 2,500 Shares of Stock

Key Points

• Maurice J. Duca, a major shareholder of AppFolio, Inc., sold 2,500 shares of the company at an average price of $321.21, reducing his total holdings by 3% to approximately $25.95 million.
• AppFolio reported a 19.4% year-over-year revenue increase for the last quarter, with earnings per share of $1.38, surpassing analysts' expectations.
• Brokerages have recently upgraded AppFolio's rating, with Piper Sandler raising its price target to $350.00 and others reflecting a general positive outlook on the stock.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice J. Duca sold 2,500 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $321.21, for a total transaction of $803,025.00. Following the completion of the sale, the insider directly owned 80,795 shares of the company's stock, valued at $25,952,161.95. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

AppFolio Trading Down 5.7%

APPF stock traded down $17.01 during midday trading on Friday, hitting $283.36. The stock had a trading volume of 635,498 shares, compared to its average volume of 317,607. AppFolio, Inc. has a 52 week low of $189.01 and a 52 week high of $326.04. The stock has a 50-day simple moving average of $244.06 and a 200 day simple moving average of $228.48. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 51.15 and a beta of 0.95.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.11. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The firm had revenue of $235.58 million during the quarter, compared to analyst estimates of $230.10 million. During the same quarter in the prior year, the business posted $1.12 earnings per share. The company's quarterly revenue was up 19.4% compared to the same quarter last year. On average, equities analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

Institutional Investors Weigh In On AppFolio

Hedge funds have recently made changes to their positions in the company. Colonial Trust Co SC acquired a new stake in AppFolio in the 4th quarter valued at about $28,000. Fifth Third Bancorp lifted its position in shares of AppFolio by 53.0% during the first quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after purchasing an additional 62 shares in the last quarter. Huntington National Bank grew its stake in shares of AppFolio by 58.7% during the second quarter. Huntington National Bank now owns 200 shares of the software maker's stock valued at $46,000 after purchasing an additional 74 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of AppFolio by 4,975.0% in the first quarter. Versant Capital Management Inc now owns 203 shares of the software maker's stock valued at $45,000 after purchasing an additional 199 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd increased its holdings in shares of AppFolio by 10,300.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 208 shares of the software maker's stock valued at $51,000 after purchasing an additional 206 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on APPF shares. DA Davidson reissued a "buy" rating and set a $350.00 target price on shares of AppFolio in a research report on Friday, August 1st. Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $240.00 to $350.00 in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods raised shares of AppFolio from an "underperform" rating to a "market perform" rating and increased their price target for the company from $205.00 to $267.00 in a report on Thursday, July 31st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $303.00.

About AppFolio

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.