Maurice Duca Sells 5,600 Shares of AppFolio (NASDAQ:APPF) Stock

Key Points

• Major shareholder Maurice Duca sold 5,600 AppFolio shares at an average price of $195.89, generating approximately $1.10 million. The Rule 10b5-1 transaction reduced his ownership by 9.94%, leaving him with 50,732 shares.
• AppFolio shares recently traded at $203.95, while the company reported quarterly revenue of $281.12 million and EPS of $1.71, exceeding analyst estimates. Revenue increased 19.3% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Buy” rating and a $243.50 target price; institutional investors own approximately 85.19% of outstanding shares.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 5,600 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $195.89, for a total transaction of $1,096,984.00. Following the completion of the transaction, the insider owned 50,732 shares in the company, valued at approximately $9,937,891.48. This trade represents a 9.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

AppFolio Stock Performance

AppFolio stock traded up $7.99 during mid-day trading on Tuesday, hitting $203.95. 285,413 shares of the company traded hands, compared to its average volume of 476,488. The stock has a fifty day moving average price of $174.14 and a 200-day moving average price of $170.14. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of 46.56 and a beta of 0.78. AppFolio, Inc. has a one year low of $142.56 and a one year high of $288.73.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) 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 company had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. During the same period in the previous year, the business earned $1.38 earnings per share. The firm's quarterly revenue was up 19.3% compared to the same quarter last year. Sell-side analysts predict that AppFolio, Inc. will post 5.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on APPF shares. Weiss Ratings upgraded AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. KeyCorp reiterated an "overweight" rating on shares of AppFolio in a report on Monday, July 6th. UBS Group set a $210.00 price target on shares of AppFolio in a research report on Friday, April 24th. Benchmark boosted 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. Finally, Guggenheim initiated coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They set a "buy" rating and a $232.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $243.50.

Institutional Investors Weigh In On AppFolio

A number of large investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its holdings in shares of AppFolio by 20.9% during the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock valued at $237,665,000 after purchasing an additional 259,933 shares during the last quarter. Lead Edge Capital Management LLC purchased a new position in shares of AppFolio during the first quarter valued at approximately $33,183,000. Greenstone Partners & Co. LLC purchased a new position in shares of AppFolio in the 4th quarter worth $43,647,000. Millennium Management LLC boosted its position in AppFolio by 158.6% in the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock worth $65,490,000 after purchasing an additional 172,627 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of AppFolio in the second quarter worth approximately $23,524,000. Institutional investors own 85.19% of the company's stock.

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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