AppFolio, Inc. (NASDAQ:APPF) Major Shareholder Maurice J. Duca Sells 3,100 Shares

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 AppFolio stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $296.53, for a total value of $919,243.00. Following the transaction, the insider directly owned 43,700 shares in the company, valued at approximately $12,958,361. The trade was a 6.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

AppFolio Trading Down 5.7%

Shares of APPF 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 fifty-two week low of $189.01 and a fifty-two week high of $326.04. The business has a 50-day simple moving average of $244.06 and a two-hundred day simple moving average of $228.48. The firm has a market cap of $10.21 billion, a P/E ratio of 51.15 and a beta of 0.95.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, beating 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 business had revenue of $235.58 million during the quarter, compared to the consensus estimate of $230.10 million. During the same quarter in the prior year, the firm earned $1.12 EPS. The firm's quarterly revenue was up 19.4% on a year-over-year basis. On average, analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of 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. DA Davidson restated a "buy" rating and set a $350.00 target price on shares of AppFolio in a report on Friday, August 1st. Finally, Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and upped their price target for the company from $240.00 to $350.00 in a report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, AppFolio currently has a consensus rating of "Moderate Buy" and a consensus price target of $303.00.

Institutional Trading of AppFolio

Several hedge funds and other institutional investors have recently modified their holdings of APPF. FMR LLC increased its stake in AppFolio by 881.2% in the 4th quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after buying an additional 536,591 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of AppFolio during the 4th quarter valued at $103,503,000. William Blair Investment Management LLC increased its stake in shares of AppFolio by 73.6% in the second quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker's stock worth $168,894,000 after acquiring an additional 310,834 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of AppFolio by 121.2% in the first quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock worth $88,375,000 after acquiring an additional 220,239 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of AppFolio by 43.2% during the fourth quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock worth $161,756,000 after acquiring an additional 197,700 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

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.