AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,297,944.00 in Stock

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares for approximately $1.30 million under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 19.04% to 30,624 shares.
• AppFolio stock rose 4.1% to $199.53, while the company reported quarterly revenue of $281.12 million and adjusted earnings of $1.71 per share, both ahead of analyst expectations.
• Analysts maintain a consensus “Buy” rating with a $243.50 price target; institutional investors own approximately 85.19% of AppFolio’s outstanding shares.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $180.27, for a total value of $1,297,944.00. Following the completion of the sale, the insider owned 30,624 shares in the company, valued at approximately $5,520,588.48. This represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

AppFolio Stock Up 4.1%

APPF stock traded up $7.84 during trading on Tuesday, reaching $199.53. 631,064 shares of the company's stock were exchanged, compared to its average volume of 394,211. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $323.33. The firm has a market cap of $7.07 billion, a PE ratio of 45.55 and a beta of 0.78. The company's fifty day moving average price is $166.93 and its 200-day moving average price is $171.55.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, beating 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 company had revenue of $281.12 million for the quarter, compared to analyst estimates of $277.35 million. During the same period last year, the company earned $1.38 earnings per share. The company's quarterly revenue was up 19.3% compared to the same quarter last year. As a group, sell-side analysts expect that AppFolio, Inc. will post 5.16 earnings per share for the current fiscal year.

Institutional Trading of AppFolio

A number of hedge funds and other institutional investors have recently made changes to their positions in APPF. EverSource Wealth Advisors LLC lifted its stake in AppFolio by 101.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Optiver Holding B.V. grew its position in AppFolio by 827.8% in the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock worth $26,000 after buying an additional 149 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in AppFolio by 48.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock worth $53,000 after buying an additional 63 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of AppFolio in the third quarter valued at $55,000. Finally, Employees Retirement System of Texas bought a new position in shares of AppFolio in the third quarter valued at $58,000. 85.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on APPF shares. UBS Group set a $210.00 price target on shares of AppFolio in a research report on Friday, April 24th. KeyCorp reiterated an "overweight" rating on shares of AppFolio in a research note on Monday, July 6th. Benchmark boosted their target price on AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Piper Sandler cut their target price on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research report on Friday, April 24th. Finally, Guggenheim started coverage on AppFolio in a research report on Wednesday, July 22nd. They set a "buy" rating and a $232.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, AppFolio presently has a consensus rating of "Buy" and a consensus price target 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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