AppFolio, Inc. (NASDAQ:APPF) Major Shareholder Maurice J. Duca Sells 3,100 Shares

Key Points

• Major shareholder Maurice J. Duca sold 3,100 shares of AppFolio, Inc. stock for a total of $996,278.00, reducing his stake by 6.81% to 42,400 shares valued at approximately $13.6 million.
• AppFolio reported $1.38 earnings per share (EPS) for the last quarter, exceeding analyst expectations, with revenue of $235.58 million, a 19.4% increase year-over-year.
• Several analysts have upgraded AppFolio's stock rating, with Piper Sandler raising its price target from $240.00 to $350.00, indicating positive sentiment towards the company's growth prospects.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice J. Duca sold 3,100 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $321.38, for a total transaction of $996,278.00. Following the completion of the transaction, the insider directly owned 42,400 shares in the company, valued at approximately $13,626,512. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

AppFolio Stock Down 5.7%

Shares of APPF traded down $17.01 during mid-day trading on Friday, hitting $283.36. The stock had a trading volume of 635,498 shares, compared to its average volume of 317,607. The company has a market cap of $10.21 billion, a PE ratio of 51.15 and a beta of 0.95. The company's fifty day simple moving average is $244.06 and its two-hundred day simple moving average is $228.48. AppFolio, Inc. has a fifty-two week low of $189.01 and a fifty-two week high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.11. The firm had revenue of $235.58 million during the quarter, compared to the consensus estimate of $230.10 million. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The firm's revenue was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.12 earnings per share. Equities analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Institutional Investors Weigh In On AppFolio

Institutional investors have recently modified their holdings of the business. ProShare Advisors LLC increased its position in AppFolio by 3.6% in the 2nd quarter. ProShare Advisors LLC now owns 1,078 shares of the software maker's stock valued at $248,000 after acquiring an additional 37 shares during the period. State of New Jersey Common Pension Fund D grew its stake in shares of AppFolio by 0.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 9,041 shares of the software maker's stock worth $2,082,000 after purchasing an additional 44 shares in the last quarter. Woodline Partners LP grew its stake in shares of AppFolio by 2.9% in the first quarter. Woodline Partners LP now owns 1,754 shares of the software maker's stock worth $386,000 after purchasing an additional 50 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of AppFolio by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 9,960 shares of the software maker's stock valued at $2,457,000 after purchasing an additional 60 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of AppFolio by 53.0% during the first quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock valued at $39,000 after purchasing an additional 62 shares in the last quarter. Institutional investors own 85.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on APPF. DA Davidson reiterated a "buy" rating and set a $350.00 target price on shares of AppFolio in a report on Friday, August 1st. Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and lifted their price objective for the company from $205.00 to $267.00 in a research note on Thursday, July 31st. Finally, Piper Sandler upgraded shares of 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 research note on Friday, August 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $303.00.

AppFolio Company Profile

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.