Insider Selling: AppFolio (NASDAQ:APPF) General Counsel Sells 661 Shares

Key Points

• AppFolio General Counsel Evan Pickering sold 661 shares at an average price of $200.49, generating $132,523.89. The Rule 10b5-1 transaction reduced his direct holdings by 10.08% to 5,894 shares.
• AppFolio recently reported quarterly EPS of $1.71 and revenue of $281.12 million, exceeding analyst expectations, while revenue increased 19.3% year over year.
• The stock traded near $198.74, with analysts maintaining an overall “Buy” rating and a consensus price target of $243.50; institutional investors own 85.19% of outstanding shares.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) General Counsel Evan Pickering sold 661 shares of AppFolio stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $200.49, for a total value of $132,523.89. Following the sale, the general counsel directly owned 5,894 shares of the company's stock, valued at $1,181,688.06. This represents a 10.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Evan Pickering also recently made the following trade(s):

• On Friday, June 12th, Evan Pickering sold 660 shares of AppFolio stock. The shares were sold at an average price of $155.25, for a total transaction of $102,465.00.

AppFolio Stock Performance

NASDAQ:APPF traded up $4.63 during mid-day trading on Friday, reaching $198.74. 389,696 shares of the company's stock were exchanged, compared to its average volume of 394,629. AppFolio, Inc. has a one year low of $142.56 and a one year high of $300.25. The firm has a market capitalization of $7.04 billion, a PE ratio of 45.37 and a beta of 0.78. The business's fifty day simple moving average is $168.94 and its two-hundred day simple moving average is $171.10.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping 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 business had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. During the same quarter in the previous year, the company earned $1.38 EPS. The business's revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts forecast that AppFolio, Inc. will post 5.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. UBS Group set a $210.00 target price on AppFolio in a research report on Friday, April 24th. Guggenheim began coverage on AppFolio in a research report on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 price target on the stock. Piper Sandler dropped 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. Wall Street Zen cut shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Finally, DA Davidson set a $225.00 price objective on shares of AppFolio in a research note on Friday, July 24th. Two investment 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. Based on data from MarketBeat, AppFolio currently has an average rating of "Buy" and a consensus target price of $243.50.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake 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 purchasing an additional 56 shares during the last quarter. Optiver Holding B.V. lifted its holdings in AppFolio by 827.8% during the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock worth $26,000 after buying an additional 149 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in AppFolio by 48.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock worth $53,000 after buying an additional 63 shares during the period. Advisory Services Network LLC bought a new stake in shares of AppFolio in the 3rd quarter valued at about $55,000. Finally, Employees Retirement System of Texas acquired a new stake in shares of AppFolio in the third quarter valued at about $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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