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

Key Points

• Maurice J. Duca, a major shareholder of AppFolio, Inc., sold 3,100 shares for approximately $955,017, reducing his ownership by 7.23%.
• AppFolio reported a 19.4% increase in revenue year-over-year, with earnings per share of $1.38 surpassing expectations.
• Analysts have updated their price targets for AppFolio, with Piper Sandler raising theirs to $350 and a consensus average price target of $303.

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice J. Duca sold 3,100 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $308.07, for a total transaction of $955,017.00. Following the sale, the insider directly owned 39,800 shares of the company's stock, valued at approximately $12,261,186. The trade was a 7.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Performance

APPF traded down $7.31 during trading on Wednesday, hitting $265.14. The stock had a trading volume of 50,505 shares, compared to its average volume of 318,153. AppFolio, Inc. has a twelve month low of $189.01 and a twelve month high of $326.04. The stock has a 50 day simple moving average of $248.05 and a two-hundred day simple moving average of $228.73. The company has a market capitalization of $9.51 billion, a PE ratio of 47.82 and a beta of 0.95.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. New York State Teachers Retirement System raised its holdings in shares of AppFolio by 80.8% during the first quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker's stock worth $1,929,000 after purchasing an additional 3,922 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of AppFolio during the first quarter worth $420,000. Janney Montgomery Scott LLC purchased a new position in shares of AppFolio during the first quarter worth $305,000. Oppenheimer Asset Management Inc. increased its holdings in AppFolio by 34.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker's stock valued at $1,110,000 after buying an additional 1,304 shares in the last quarter. Finally, Portside Wealth Group LLC purchased a new position in AppFolio in the first quarter valued at $774,000. Hedge funds and other institutional investors own 85.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on APPF. Keefe, Bruyette & Woods raised shares of AppFolio from an "underperform" rating to a "market perform" rating and increased their price objective for the company from $205.00 to $267.00 in a report on Thursday, July 31st. Piper Sandler raised shares of AppFolio from a "neutral" rating to an "overweight" rating and increased their price target for the company from $240.00 to $350.00 in a report on Friday, August 1st. Finally, DA Davidson reissued a "buy" rating and issued a $350.00 price objective on shares of AppFolio in a research report on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.