AppFolio (NASDAQ:APPF) Major Shareholder Maurice Duca Sells 7,200 Shares of Stock

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares for approximately $1.36 million under a pre-arranged Rule 10b5-1 plan, reducing his direct ownership by 19.88% to 29,024 shares.
• AppFolio shares rose 4.1% to $199.53, while the company’s latest quarterly results modestly exceeded expectations: EPS was $1.71 versus $1.69 expected, and revenue increased 19.3% year over year to $281.12 million.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and $243.50 price target; institutional investors own 85.19% of the company’s stock.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $188.88, for a total value of $1,359,936.00. Following the sale, the insider directly owned 29,024 shares in the company, valued at $5,482,053.12. This represents a 19.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

AppFolio Trading Up 4.1%

Shares of NASDAQ APPF traded up $7.84 during trading on Tuesday, reaching $199.53. 631,064 shares of the company traded hands, compared to its average volume of 394,211. The stock has a market cap of $7.07 billion, a P/E ratio of 45.55 and a beta of 0.78. The firm's fifty day simple moving average is $166.93 and its 200 day simple moving average is $171.55. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $323.33.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The firm had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. During the same quarter in the prior year, the business earned $1.38 earnings per share. The company's revenue was up 19.3% compared to the same quarter last year. As a group, research analysts expect that AppFolio, Inc. will post 5.16 EPS for the current year.

Institutional Investors Weigh In On AppFolio

A number of institutional investors have recently added to or reduced their stakes in APPF. EverSource Wealth Advisors LLC raised its position in AppFolio by 101.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock worth $26,000 after acquiring an additional 56 shares during the period. Optiver Holding B.V. increased its stake in shares of AppFolio by 827.8% during the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock worth $26,000 after purchasing an additional 149 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of AppFolio by 48.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock worth $53,000 after purchasing an additional 63 shares during the last quarter. Advisory Services Network LLC purchased a new position in AppFolio in the 3rd quarter valued at about $55,000. Finally, Employees Retirement System of Texas purchased a new position in AppFolio in the 3rd quarter valued at about $58,000. Institutional investors and hedge funds own 85.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on APPF shares. Piper Sandler decreased their target price on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Guggenheim started coverage on shares of AppFolio in a report on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 price objective for the company. KeyCorp reiterated an "overweight" rating on shares of AppFolio in a research report on Monday, July 6th. Weiss Ratings lowered shares of AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 11th. Finally, Wall Street Zen cut AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $243.50.

About AppFolio

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.

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