AppFolio (NASDAQ:APPF) Major Shareholder Sells 5,809 Shares of Stock

Key Points

• Major shareholder Maurice Duca sold 5,809 AppFolio shares for approximately $1.15 million under a pre-arranged Rule 10b5-1 plan, reducing his stake by 20.43% to 22,624 shares.
• AppFolio recently exceeded quarterly expectations, reporting $1.71 in EPS and $281.12 million in revenue, with revenue up 19.3% year over year.
• Analysts maintain a consensus “Buy” rating with an average price target of $243.50, while institutional investors own 85.19% of the company’s outstanding shares.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 5,809 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $198.44, for a total transaction of $1,152,737.96. Following the sale, the insider directly owned 22,624 shares of the company's stock, valued at $4,489,506.56. The trade was a 20.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

AppFolio Price Performance

Shares of NASDAQ:APPF traded up $0.80 during midday trading on Monday, reaching $199.54. The company had a trading volume of 504,187 shares, compared to its average volume of 395,354. The stock has a market capitalization of $7.07 billion, a P/E ratio of 45.56 and a beta of 0.78. The stock's fifty day moving average price is $169.70 and its 200-day moving average price is $170.96. AppFolio, Inc. has a one year low of $142.56 and a one year high of $290.55.

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Guggenheim initiated 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. Piper Sandler reduced their price target on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a research report on Friday, April 24th. Weiss Ratings lowered shares of AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Wall Street Zen downgraded shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Finally, Benchmark increased their price objective on shares of AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $243.50.

Institutional Investors Weigh In On AppFolio

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of AppFolio by 101.8% in the 4th 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. grew its position in AppFolio by 827.8% in the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in AppFolio by 48.8% in 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 acquired a new stake in shares of AppFolio in the third quarter valued at approximately $55,000. Finally, Employees Retirement System of Texas acquired a new stake in shares of AppFolio in the third quarter valued at approximately $58,000. 85.19% of the stock is currently owned by institutional investors.

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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