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

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares for approximately $1.46 million at an average price of $203.41 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 38.66%.
• AppFolio shares rose 1.7% to $218.85, while the company reported quarterly revenue growth of 19.3% year over year and earnings of $1.71 per share, slightly exceeding analyst expectations.
• Institutional investors own 85.19% of the stock, and analysts maintain a consensus “Buy” rating with an average price target of $243.50.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $203.41, for a total value of $1,464,552.00. Following the completion of the transaction, the insider directly owned 11,424 shares of the company's stock, valued at $2,323,755.84. The trade was a 38.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 stock are required to disclose their sales and purchases with the SEC.

AppFolio Trading Up 1.7%

AppFolio stock traded up $3.63 during mid-day trading on Thursday, hitting $218.85. The company had a trading volume of 333,026 shares, compared to its average volume of 395,396. The company has a market capitalization of $7.75 billion, a price-to-earnings ratio of 49.97 and a beta of 0.78. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $288.73. The company's fifty day moving average is $175.08 and its 200-day moving average is $170.20.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APPF. Wellington Management Group LLP acquired a new stake in AppFolio during the 2nd quarter worth $36,063,000. Public Employees Retirement System of Ohio acquired a new stake in shares of AppFolio in the second quarter valued at about $1,043,000. HMI Capital Management L.P. purchased a new position in shares of AppFolio in the second quarter worth about $12,026,000. Ranger Investment Management L.P. purchased a new position in shares of AppFolio in the second quarter worth about $9,090,000. Finally, Bank of New York Mellon Corp acquired a new position in AppFolio during the second quarter worth about $23,524,000. Hedge funds and other institutional investors own 85.19% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on APPF shares. 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. UBS Group set a $210.00 target price on shares of AppFolio in a research note on Friday, April 24th. DA Davidson set a $225.00 target price on AppFolio in a research report on Friday, July 24th. KeyCorp restated an "overweight" rating on shares of AppFolio in a research note on Monday, July 6th. Finally, Piper Sandler reduced their price target on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a report on Friday, April 24th. Two investment 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 company. Based on data from MarketBeat.com, AppFolio currently has a consensus rating of "Buy" and an average target price 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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