Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells 200 Shares of Stock

Key Points

• AppFolio major shareholder Maurice Duca sold 200 shares on July 10 at an average price of $180, totaling $36,000. The sale was part of a pre-arranged Rule 10b5-1 trading plan and reduced his ownership by 0.47%.
• APPF shares fell 3.0% in Tuesday trading to $174.46, below both its 50-day moving average and near its 200-day moving average. The stock has a market cap of about $6.17 billion and has traded between $142.56 and $326.04 over the past year.
• Wall Street remains generally upbeat on AppFolio after its latest earnings beat, with quarterly EPS of $1.61 versus estimates of $1.47 and revenue up 20.7% year over year. Analysts currently rate the stock a consensus Moderate Buy with an average price target of $252.29.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 200 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $180.00, for a total transaction of $36,000.00. Following the transaction, the insider directly owned 42,300 shares in the company, valued at $7,614,000. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

AppFolio Trading Down 3.0%

APPF stock traded down $5.44 during midday trading on Tuesday, reaching $174.46. The company had a trading volume of 239,051 shares, compared to its average volume of 386,416. The company has a 50 day moving average of $162.66 and a two-hundred day moving average of $177.45. The company has a market capitalization of $6.17 billion, a P/E ratio of 41.54 and a beta of 0.79. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $326.04.

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

Institutional Trading of AppFolio

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of AppFolio by 22.6% in the 1st quarter. Royal Bank of Canada now owns 45,452 shares of the software maker's stock valued at $9,993,000 after acquiring an additional 8,367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in AppFolio by 23.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker's stock valued at $84,000 after purchasing an additional 73 shares during the last quarter. Millennium Management LLC grew its holdings in AppFolio by 237.7% during the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker's stock valued at $3,970,000 after purchasing an additional 12,709 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of AppFolio by 164.8% in the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker's stock valued at $144,000 after purchasing an additional 407 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of AppFolio by 322.5% in the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker's stock valued at $14,684,000 after purchasing an additional 50,970 shares during the period. Institutional investors and hedge funds own 85.19% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on APPF. KeyCorp reaffirmed an "overweight" rating on shares of AppFolio in a research report on Monday, July 6th. Benchmark lifted their price target on AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a report on Friday, April 24th. Piper Sandler lowered 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. Weiss Ratings downgraded AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Finally, Wall Street Zen lowered shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, AppFolio presently has a consensus rating of "Moderate Buy" and an average target price of $252.29.

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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