Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells 3,500 Shares

Key Points

• Major shareholder Maurice Duca sold 3,500 AppFolio shares at an average price of $181.84, generating $636,440. The Rule 10b5-1 transaction reduced his ownership by 4.11%, leaving him with 81,680 shares.
• AppFolio reported quarterly EPS of $1.71, exceeding analysts’ $1.69 estimate, while revenue of $281.12 million surpassed expectations and rose 19.3% year over year.
• Shares recently traded at $184.96, and analysts maintain a consensus “Buy” rating with 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 3,500 shares of the company's stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $181.84, for a total value of $636,440.00. Following the transaction, the insider directly owned 81,680 shares of the company's stock, valued at $14,852,691.20. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

AppFolio Stock Performance

Shares of AppFolio stock traded up $16.21 on Tuesday, reaching $184.96. 184,358 shares of the company were exchanged, compared to its average volume of 390,546. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 42.26 and a beta of 0.79. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $326.04. The company's 50-day moving average is $164.98 and its two-hundred day moving average is $173.02.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The business had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. During the same quarter in the previous year, the firm posted $1.38 EPS. The business's revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, sell-side analysts forecast that AppFolio, Inc. will post 5.04 earnings per share for the current year.

Institutional Investors Weigh In On AppFolio

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

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Benchmark lifted their price objective on shares of AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Weiss Ratings cut shares of AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 11th. DA Davidson set a $225.00 price target on shares of AppFolio in a research note on Friday. Wall Street Zen cut AppFolio from a "buy" rating to a "hold" rating in a report on Sunday. Finally, UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $243.50.

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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