AppFolio, Inc. (NASDAQ:APPF) Major Shareholder Sells $643,283.20 in Stock

Key Points

• Maurice J. Duca, a major shareholder of AppFolio, sold 2,324 shares at an average price of $276.80, reducing his stake by 6.16% to 35,376 shares valued at approximately $9.79 million.
• AppFolio reported a quarterly earnings per share (EPS) of $1.38, surpassing the consensus estimate of $1.27, with revenue increasing by 19.4% year-over-year.
• Analysts have shown a positive outlook for AppFolio, with several firms raising their target prices, leading to an average price target of $303.00 and a rating of "Moderate Buy".

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice J. Duca sold 2,324 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $276.80, for a total value of $643,283.20. Following the sale, the insider owned 35,376 shares in the company, valued at approximately $9,792,076.80. This trade represents a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

AppFolio Trading Down 0.0%

APPF stock traded down $0.10 during trading on Friday, hitting $265.30. The company had a trading volume of 274,355 shares, compared to its average volume of 416,965. The business has a 50-day moving average of $251.01 and a 200-day moving average of $228.98. AppFolio, Inc. has a one year low of $189.01 and a one year high of $326.04. The stock has a market cap of $9.51 billion, a PE ratio of 47.89 and a beta of 0.95.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.27 by $0.11. The business had revenue of $235.58 million for the quarter, compared to analysts' expectations of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%. The firm's revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.12 earnings per share. Research analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on APPF shares. DA Davidson restated a "buy" rating and set a $350.00 price target on shares of AppFolio in a report on Friday, August 1st. Piper Sandler upgraded AppFolio from a "neutral" rating to an "overweight" rating and upped their target price for the company from $240.00 to $350.00 in a report on Friday, August 1st. Finally, Keefe, Bruyette & Woods upgraded AppFolio from an "underperform" rating to a "market perform" rating and upped their target price for the company from $205.00 to $267.00 in a report on Thursday, July 31st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, AppFolio currently has an average rating of "Moderate Buy" and an average target price of $303.00.

Hedge Funds Weigh In On AppFolio

A number of institutional investors and hedge funds have recently modified their holdings of APPF. Colonial Trust Co SC bought a new position in shares of AppFolio during the 4th quarter worth approximately $28,000. Fifth Third Bancorp boosted its holdings in shares of AppFolio by 53.0% during the 1st quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after buying an additional 62 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of AppFolio by 4,975.0% during the 1st quarter. Versant Capital Management Inc now owns 203 shares of the software maker's stock worth $45,000 after buying an additional 199 shares in the last quarter. Huntington National Bank boosted its holdings in shares of AppFolio by 58.7% during the 2nd quarter. Huntington National Bank now owns 200 shares of the software maker's stock worth $46,000 after buying an additional 74 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of AppFolio during the 2nd quarter worth approximately $52,000. 85.19% of the stock is currently owned by institutional investors.

About AppFolio

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.