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

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares for approximately $1.43 million at an average price of $198.43, reducing his position by 25.51%. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.
• AppFolio shares fell 3.1% to $196.77, though the company recently reported quarterly EPS of $1.71 and revenue of $281.12 million, both ahead of analyst expectations. Revenue increased 19.3% year over year.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $243.50; institutional investors own approximately 85.19% of the stock.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $198.43, for a total transaction of $1,428,696.00. Following the sale, the insider directly owned 21,024 shares of the company's stock, valued at approximately $4,171,792.32. The trade was a 25.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Down 3.1%

AppFolio stock traded down $6.25 during trading on Wednesday, reaching $196.77. The company had a trading volume of 665,842 shares, compared to its average volume of 397,303. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $288.73. The firm's 50-day simple moving average is $170.67 and its 200 day simple moving average is $170.78. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 44.92 and a beta of 0.78.

AppFolio (NASDAQ:APPF - Get Free Report) last released 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 business had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.AppFolio's revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.38 earnings per share. On average, analysts predict that AppFolio, Inc. will post 5.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

APPF has been the topic of a number of recent analyst reports. DA Davidson set a $225.00 target price on shares of AppFolio in a research note on Friday, July 24th. UBS Group set a $210.00 price objective on shares of AppFolio in a research note on Friday, April 24th. Zacks Research upgraded shares of AppFolio from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Benchmark lifted their target price on shares of AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research note on Friday, April 24th. Finally, Piper Sandler cut their price target on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $243.50.

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 lifted its holdings in shares of AppFolio by 101.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock worth $26,000 after buying an additional 56 shares in the last quarter. Optiver Holding B.V. grew its stake in AppFolio by 827.8% during the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock valued at $26,000 after acquiring an additional 149 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock valued at $53,000 after acquiring an additional 63 shares during the last quarter. Advisory Services Network LLC bought a new stake in AppFolio in the 3rd quarter valued at $55,000. Finally, Employees Retirement System of Texas purchased a new stake in AppFolio in the 3rd quarter worth $58,000. 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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