Maurice Duca Sells 7,200 Shares of AppFolio (NASDAQ:APPF) Stock

Key Points

• Major shareholder Maurice Duca sold 7,200 shares of AppFolio on July 13 at an average price of $180.15, totaling about $1.3 million. After the transaction, he still held 40,700 shares, and the sale was made under a pre-arranged Rule 10b5-1 plan.
• AppFolio shares fell to $174.46 in Tuesday trading, with the company carrying a market cap of $6.17 billion. The stock has traded between $142.56 and $326.04 over the past year.
• The company recently posted better-than-expected quarterly results, reporting $1.61 EPS versus estimates of $1.47 and revenue of $262.21 million, up 20.7% year over year. Analysts currently have a consensus rating of Moderate Buy with an average target price of $252.29.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 7,200 shares of the firm's stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $180.15, for a total value of $1,297,080.00. Following the completion of the sale, the insider owned 40,700 shares of the company's stock, valued at $7,332,105. This represents a 15.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

AppFolio Stock Performance

Shares of NASDAQ:APPF traded down $5.44 during trading on Tuesday, hitting $174.46. 239,051 shares of the stock were exchanged, compared to its average volume of 386,416. The company has a market capitalization of $6.17 billion, a price-to-earnings 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. The company's fifty day simple moving average is $162.66 and its 200-day simple moving average is $177.45.

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

Hedge Funds Weigh In On AppFolio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of AppFolio by 20.9% in 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 acquiring an additional 259,933 shares during the last quarter. Lead Edge Capital Management LLC bought a new stake in AppFolio during the 1st quarter worth approximately $33,183,000. Hudson Way Capital Management LLC bought a new stake in AppFolio during the 3rd quarter worth approximately $53,367,000. Greenstone Partners & Co. LLC acquired a new stake in AppFolio during the 4th quarter valued at $43,647,000. Finally, Millennium Management LLC increased its holdings in AppFolio by 158.6% during the 4th quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock valued at $65,490,000 after purchasing an additional 172,627 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on APPF. Piper Sandler decreased their target price on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a research report 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. Benchmark upped their price objective on AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research note on Friday, April 24th. KeyCorp reissued an "overweight" rating on shares of AppFolio in a report on Monday, July 6th. Finally, UBS Group set a $210.00 target price on AppFolio in a research 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. Based on data from MarketBeat.com, AppFolio presently has an average rating of "Moderate Buy" and a consensus 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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