AppFolio (NASDAQ:APPF) Major Shareholder Sells 7,200 Shares

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares at an average price of $194.72, generating approximately $1.4 million. The Rule 10b5-1 transaction reduced his stake by 21.8% to 25,824 shares.
• AppFolio shares rose 0.6% to $194.11, while the company’s latest quarterly results exceeded expectations: EPS was $1.71 versus $1.69 expected, and revenue reached $281.12 million, up 19.3% year over year.
• Wall Street maintains a favorable outlook, with a consensus “Buy” rating and an average price target of $243.50; institutional investors own approximately 85.2% of the stock.

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 Wednesday, August 5th. The shares were sold at an average price of $194.72, for a total transaction of $1,401,984.00. Following the transaction, the insider owned 25,824 shares in the company, valued at $5,028,449.28. This represents a 21.80% decrease in their position. The transaction was disclosed in a document filed 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 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

AppFolio Stock Up 0.6%

APPF traded up $1.11 during trading on Thursday, reaching $194.11. The stock had a trading volume of 346,054 shares, compared to its average volume of 394,662. The stock has a 50 day moving average of $168.25 and a two-hundred day moving average of $171.27. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 44.32 and a beta of 0.78. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $315.31.

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

Wall Street Analysts Forecast Growth

APPF has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Guggenheim started coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 price objective on the stock. Zacks Research upgraded shares of AppFolio from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Benchmark raised their target price on shares of AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Finally, UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, AppFolio has a consensus rating of "Buy" and an average price target of $243.50.

Institutional Trading of AppFolio

A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in shares of AppFolio by 20.9% in the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock valued at $237,665,000 after purchasing an additional 259,933 shares in the last quarter. Lead Edge Capital Management LLC purchased a new position in shares of AppFolio during the first quarter valued at $33,183,000. Greenstone Partners & Co. LLC acquired a new position in AppFolio during the fourth quarter valued at $43,647,000. Millennium Management LLC raised its position in AppFolio by 158.6% during the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock valued at $65,490,000 after buying an additional 172,627 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in AppFolio during the second quarter valued at $23,524,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

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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