AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,567,944.00 in Stock

Key Points

• Major shareholder Maurice Duca sold 7,200 AppFolio shares for $1.57 million at an average price of $217.77 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 46.68%.
• AppFolio reported quarterly EPS of $1.71 and revenue of $281.12 million, exceeding analyst estimates; revenue increased 19.3% year over year.
• Analysts maintain a broadly positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $243.50. Institutional investors own approximately 85.19% of the company.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $217.77, for a total value of $1,567,944.00. Following the completion of the transaction, the insider directly owned 8,224 shares in the company, valued at $1,790,940.48. The trade was a 46.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

AppFolio Stock Performance

Shares of NASDAQ APPF traded up $0.70 during midday trading on Monday, hitting $225.10. 415,963 shares of the company's stock traded hands, compared to its average volume of 395,317. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $288.73. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 51.39 and a beta of 0.78. The firm has a fifty day moving average of $177.53 and a 200 day moving average of $170.61.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $277.35 million. During the same quarter last year, the firm posted $1.38 earnings per share. The firm's revenue was up 19.3% compared to the same quarter last year. On average, equities analysts anticipate that AppFolio, Inc. will post 5.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on APPF. KeyCorp reaffirmed an "overweight" rating on shares of AppFolio in a report on Monday, July 6th. Guggenheim assumed coverage on AppFolio in a report on Wednesday, July 22nd. They set a "buy" rating and a $232.00 price target for the company. Zacks Research raised AppFolio from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Weiss Ratings raised AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Finally, DA Davidson set a $225.00 price objective on AppFolio in a research note on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $243.50.

Institutional Investors Weigh In On AppFolio

A number of institutional investors have recently added to or reduced their stakes in APPF. California State Teachers Retirement System boosted its stake in AppFolio by 16,264.8% during the second quarter. California State Teachers Retirement System now owns 4,216,564 shares of the software maker's stock valued at $676,126,000 after buying an additional 4,190,798 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of AppFolio by 20.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock valued at $237,665,000 after buying an additional 259,933 shares in the last quarter. Wellington Management Group LLP bought a new stake in AppFolio during the second quarter worth approximately $36,063,000. Lead Edge Capital Management LLC bought a new stake in shares of AppFolio in the 1st quarter valued at approximately $33,183,000. Finally, Greenstone Partners & Co. LLC purchased a new position in shares of AppFolio in the 4th quarter worth approximately $43,647,000. 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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