Maurice Duca Sells 7,001 Shares of AppFolio (NASDAQ:APPF) Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,001 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $213.52, for a total transaction of $1,494,853.52. Following the completion of the sale, the insider directly owned 9,824 shares of the company’s stock, valued at $2,097,620.48. The trade was a 41.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

AppFolio Trading Up 1.7%

Shares of NASDAQ APPF traded up $3.63 during midday trading on Thursday, reaching $218.85. 333,026 shares of the company were exchanged, compared to its average volume of 395,396. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $288.73. The stock has a fifty day simple moving average of $175.08 and a 200 day simple moving average of $170.20. The stock has a market cap of $7.75 billion, a P/E ratio of 49.97 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The firm had revenue of $281.12 million for the quarter, compared to analysts’ expectations of $277.35 million. During the same quarter in the previous year, the firm posted $1.38 EPS. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, analysts forecast that AppFolio, Inc. will post 5.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on APPF shares. Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Zacks Research raised AppFolio from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. DA Davidson set a $225.00 price target on AppFolio in a report on Friday, July 24th. KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Finally, Piper Sandler dropped their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Two investment 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 company’s stock. According to MarketBeat.com, AppFolio presently has an average rating of “Buy” and a consensus price target of $243.50.

Institutional Trading of AppFolio

A number of institutional investors have recently added to or reduced their stakes in APPF. M&T Bank Corp boosted its stake in shares of AppFolio by 1,643.8% during the 4th quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock worth $22,370,000 after acquiring an additional 90,639 shares in the last quarter. Vanguard Group Inc. increased its stake in AppFolio by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after purchasing an additional 101,466 shares in the last quarter. Riverbridge Partners LLC purchased a new position in AppFolio in the 1st quarter valued at approximately $13,906,000. Quantum Capital Management LLC NJ acquired a new position in AppFolio during the fourth quarter worth $7,995,000. Finally, Principal Financial Group Inc. raised its holdings in AppFolio by 6.8% during the fourth quarter. Principal Financial Group Inc. now owns 1,245,949 shares of the software maker’s stock worth $289,880,000 after purchasing an additional 79,197 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

About AppFolio

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.