AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,307,160.00 in Stock

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares for approximately $1.31 million under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 16.14% to 37,398 shares.
• AppFolio shares rose 9.8% to $185.29, while the company reported quarterly revenue of $281.12 million and earnings of $1.71 per share, both slightly above analyst expectations. Revenue increased 19.3% year over year.
• Analysts maintain a consensus “Buy” rating with an average price target of $243.50, although some firms recently lowered or downgraded their outlook. Institutional investors own 85.19% of AppFolio’s stock.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $181.55, for a total transaction of $1,307,160.00. Following the sale, the insider owned 37,398 shares in the company, valued at $6,789,606.90. The trade was a 16.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

AppFolio Trading Up 9.8%

NASDAQ:APPF traded up $16.55 on Tuesday, hitting $185.29. The company had a trading volume of 152,190 shares, compared to its average volume of 390,163. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $326.04. The stock has a market capitalization of $6.55 billion, a price-to-earnings ratio of 42.56 and a beta of 0.79. The firm has a 50 day moving average of $164.98 and a two-hundred day moving average of $173.02.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.02. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The company had revenue of $281.12 million for the quarter, compared to analysts' expectations of $277.35 million. During the same quarter in the previous year, the firm posted $1.38 earnings per share. AppFolio's revenue for the quarter was up 19.3% on a year-over-year basis. As a group, equities analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current year.

Institutional Investors Weigh In On AppFolio

A number of large investors have recently modified their holdings of APPF. M&T Bank Corp lifted its holdings in shares of AppFolio by 1,643.8% in the 4th quarter. M&T Bank Corp now owns 96,153 shares of the software maker's stock worth $22,370,000 after purchasing an additional 90,639 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of AppFolio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker's stock valued at $595,691,000 after acquiring an additional 101,466 shares in the last quarter. Riverbridge Partners LLC acquired a new position in AppFolio during the first quarter worth about $13,906,000. Quantum Capital Management LLC NJ bought a new stake in AppFolio in the fourth quarter worth about $7,995,000. Finally, SG Americas Securities LLC boosted its position in shares of AppFolio by 666.2% during the 1st quarter. SG Americas Securities LLC now owns 25,185 shares of the software maker's stock valued at $3,975,000 after purchasing an additional 21,898 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on APPF shares. Wall Street Zen downgraded AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday. Weiss Ratings lowered shares of AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. UBS Group set a $210.00 price target on shares of AppFolio in a research note on Friday, April 24th. Piper Sandler reduced their target price on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Finally, Benchmark lifted their price objective on AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $243.50.

AppFolio Company Profile

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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