AppFolio (NASDAQ:APPF) Major Shareholder Maurice Duca Sells 6,693 Shares of Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 6,693 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $198.93, for a total value of $1,331,438.49. Following the sale, the insider directly owned 16,224 shares of the company’s stock, valued at $3,227,440.32. This represents a 29.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

AppFolio Stock Up 0.1%

APPF traded up $0.24 during trading hours on Friday, reaching $204.21. 265,096 shares of the company’s stock traded hands, compared to its average volume of 396,519. The firm has a 50-day moving average price of $172.09 and a 200 day moving average price of $170.49. The firm has a market capitalization of $7.23 billion, a PE ratio of 46.62 and a beta of 0.78. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $288.73.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The business had revenue of $281.12 million for the quarter, compared to analyst estimates of $277.35 million. During the same quarter last year, the firm posted $1.38 earnings per share. The business’s revenue was up 19.3% compared to the same quarter last year. Equities analysts predict that AppFolio, Inc. will post 5.16 EPS for the current fiscal year.

Institutional Trading of AppFolio

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in AppFolio by 22.6% in the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock worth $9,993,000 after acquiring an additional 8,367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in AppFolio by 23.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after acquiring an additional 73 shares in the last quarter. Millennium Management LLC increased its position in AppFolio by 237.7% during the 1st quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock valued at $3,970,000 after purchasing an additional 12,709 shares during the period. Jones Financial Companies Lllp increased its position in AppFolio by 164.8% during the 1st quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock valued at $144,000 after purchasing an additional 407 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of AppFolio by 322.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after purchasing an additional 50,970 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on APPF shares. Benchmark lifted their price objective on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. UBS Group set a $210.00 target price on shares of AppFolio in a research note on Friday, April 24th. Piper Sandler reduced 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. Wall Street Zen downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Finally, Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, AppFolio currently has a consensus rating of “Buy” and a consensus price target of $243.50.

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.