Insider Selling: AppFolio, Inc. (NASDAQ:APPF) Major Shareholder Sells 3,100 Shares of Stock

Key Points

• Maurice J. Duca, a major shareholder of AppFolio, sold 3,100 shares at an average price of $296.53, totaling $919,243, resulting in a 6.62% decrease in his ownership of the company.
• AppFolio reported earnings of $1.38 per share in its latest quarter, exceeding analysts' expectations, and generated about $235.58 million in revenue, up 19.4% year-over-year.
• Several analysts have upgraded their ratings for AppFolio, with price targets ranging from $267 to $350, indicating a general optimism about the company's future prospects.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice J. Duca sold 3,100 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $296.53, for a total value of $919,243.00. Following the sale, the insider directly owned 43,700 shares of the company's stock, valued at $12,958,361. The trade was a 6.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

AppFolio Trading Down 5.7%

Shares of APPF traded down $17.01 during trading hours on Friday, reaching $283.36. 635,501 shares of the company's stock traded hands, compared to its average volume of 382,130. The firm's 50 day simple moving average is $245.54 and its 200-day simple moving average is $228.63. The stock has a market cap of $10.16 billion, a PE ratio of 51.15 and a beta of 0.95. AppFolio, Inc. has a 12 month low of $189.01 and a 12 month high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings data 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. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The company had revenue of $235.58 million during the quarter, compared to the consensus estimate of $230.10 million. During the same period in the previous year, the firm posted $1.12 EPS. The firm's revenue was up 19.4% compared to the same quarter last year. As a group, analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

APPF has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised 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 research report on Thursday, July 31st. Piper Sandler upgraded AppFolio from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $240.00 to $350.00 in a research note on Friday, August 1st. Finally, DA Davidson reissued a "buy" rating and set a $350.00 price objective on shares of AppFolio in a report on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, AppFolio currently has an average rating of "Moderate Buy" and a consensus price target of $303.00.

Institutional Investors Weigh In On AppFolio

A number of hedge funds have recently made changes to their positions in APPF. FMR LLC grew its holdings in shares of AppFolio by 881.2% during the 4th quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after purchasing an additional 536,591 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new stake in AppFolio during the 4th quarter valued at $103,503,000. William Blair Investment Management LLC raised its holdings in AppFolio by 73.6% during the 2nd quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker's stock valued at $168,894,000 after buying an additional 310,834 shares during the last quarter. Principal Financial Group Inc. raised its position in AppFolio by 121.2% during the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock valued at $88,375,000 after purchasing an additional 220,239 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in AppFolio by 43.2% during the 4th quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock valued at $161,756,000 after purchasing an additional 197,700 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors.

AppFolio Company Profile

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.