AppFolio, Inc. (NASDAQ:APPF) Major Shareholder Sells $751,750.00 in Stock

Key Points

• Maurice J. Duca, a major shareholder of AppFolio, sold $751,750 worth of stock, reducing his position by 2.91%.
• AppFolio reported $1.38 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $1.27, with a 19.4% increase in revenue year-over-year.
• Brokerages have upgraded AppFolio's stock ratings, with Piper Sandler setting a new price target of $350, up from $240.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice J. Duca sold 2,500 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $300.70, for a total value of $751,750.00. Following the completion of the transaction, the insider owned 83,295 shares in the company, valued at $25,046,806.50. This trade represents a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

AppFolio Trading Down 2.4%

NASDAQ:APPF traded down $7.55 during trading hours on Tuesday, hitting $313.70. 564,432 shares of the company were exchanged, compared to its average volume of 332,562. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 56.62 and a beta of 0.95. AppFolio, Inc. has a one year low of $189.01 and a one year high of $326.04. The company has a fifty day simple moving average of $238.11 and a 200 day simple moving average of $226.95.

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 analysts' consensus estimates of $1.27 by $0.11. The firm had revenue of $235.58 million for the quarter, compared to analysts' expectations of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%. The company's revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.12 EPS. Equities research analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On AppFolio

Institutional investors and hedge funds have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D lifted its position in shares of AppFolio by 0.5% during the second quarter. State of New Jersey Common Pension Fund D now owns 9,041 shares of the software maker's stock worth $2,082,000 after acquiring an additional 44 shares in the last quarter. Woodline Partners LP raised its position in AppFolio by 2.9% during the first quarter. Woodline Partners LP now owns 1,754 shares of the software maker's stock valued at $386,000 after purchasing an additional 50 shares in the last quarter. Treasurer of the State of North Carolina raised its position in AppFolio by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 9,960 shares of the software maker's stock valued at $2,457,000 after purchasing an additional 60 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of AppFolio by 53.0% in the first quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after buying an additional 62 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of AppFolio by 4.7% in the fourth quarter. Tidal Investments LLC now owns 1,492 shares of the software maker's stock worth $368,000 after buying an additional 67 shares during the period. 85.19% of the stock is owned by institutional investors.

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.

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