Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,298,304.00 in Stock

Key Points

• AppFolio major shareholder Maurice Duca sold 7,200 shares on July 7 at an average price of $180.32, for a total of $1.30 million. After the sale, he still owned 42,400 shares, a 14.52% reduction in his stake.
• The sale was made under a pre-arranged Rule 10b5-1 trading plan, meaning it was part of a scheduled insider-trading arrangement rather than an ad hoc transaction.
• AppFolio shares were down 0.7% to $175.31, even as the company recently reported stronger-than-expected quarterly results, including EPS of $1.61 and revenue of $262.21 million.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the company's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $180.32, for a total transaction of $1,298,304.00. Following the completion of the sale, the insider directly owned 42,400 shares in the company, valued at $7,645,568. This represents a 14.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

AppFolio Stock Down 0.7%

APPF stock traded down $1.17 during trading on Thursday, hitting $175.31. 272,443 shares of the company's stock traded hands, compared to its average volume of 351,871. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $326.04. The stock has a fifty day moving average price of $162.20 and a two-hundred day moving average price of $178.27. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 41.74 and a beta of 0.79.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share for the quarter, beating analysts' consensus estimates of $1.47 by $0.14. The company had revenue of $262.21 million for the quarter, compared to analysts' expectations of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The business's revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 earnings per share. As a group, equities research analysts expect that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on APPF. Piper Sandler reduced their price objective on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a report on Friday, April 24th. Wall Street Zen cut shares of AppFolio from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Weiss Ratings downgraded shares of AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 11th. Benchmark upped their price target on shares of AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Finally, UBS Group set a $210.00 price objective on shares of AppFolio in a report on Friday, April 24th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, AppFolio has an average rating of "Moderate Buy" and an average target price of $252.29.

Institutional Investors Weigh In On AppFolio

Institutional investors and hedge funds have recently bought and sold shares of the business. Woodline Partners LP raised its holdings in AppFolio by 2.9% in the 1st quarter. Woodline Partners LP now owns 1,754 shares of the software maker's stock valued at $386,000 after acquiring an additional 50 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock worth $26,000 after purchasing an additional 56 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of AppFolio by 4.8% during the third quarter. Mercer Global Advisors Inc. ADV now owns 1,263 shares of the software maker's stock valued at $348,000 after purchasing an additional 58 shares during the period. Somerset Trust Co increased its position in shares of AppFolio by 5.5% during the fourth quarter. Somerset Trust Co now owns 1,176 shares of the software maker's stock valued at $274,000 after purchasing an additional 61 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of AppFolio by 48.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock valued at $53,000 after purchasing an additional 63 shares in the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

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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