AppFolio (NASDAQ:APPF) Major Shareholder Maurice Duca Sells 7,200 Shares

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of AppFolio stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $181.72, for a total value of $1,308,384.00. Following the completion of the sale, the insider directly owned 34,198 shares of the company’s stock, valued at approximately $6,214,460.56. This trade represents a 17.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

AppFolio Stock Down 5.9%

AppFolio stock traded down $10.97 during midday trading on Thursday, reaching $176.02. The stock had a trading volume of 294,601 shares, compared to its average volume of 394,762. The firm has a market capitalization of $6.22 billion, a PE ratio of 40.19 and a beta of 0.79. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $326.04. The firm’s 50-day moving average price is $166.09 and its 200 day moving average price is $172.06.

AppFolio (NASDAQ:APPF) last issued 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 net margin of 15.13% and a return on equity of 32.42%. The firm had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. During the same quarter last year, the business earned $1.38 earnings per share. The company’s quarterly revenue was up 19.3% on a year-over-year basis. Equities research analysts expect that AppFolio, Inc. will post 5.16 EPS for the current year.

Analyst Ratings Changes

APPF has been the topic of a number of analyst reports. DA Davidson set a $225.00 target price on shares of AppFolio in a report on Friday, July 24th. Piper Sandler cut their price target on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Wall Street Zen cut AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Finally, Weiss Ratings cut AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, AppFolio has a consensus rating of “Buy” and an average price target of $243.50.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of APPF. EverSource Wealth Advisors LLC increased its holdings in shares of AppFolio by 101.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock worth $26,000 after purchasing an additional 56 shares during the period. Optiver Holding B.V. boosted its stake in AppFolio by 827.8% during the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock valued at $26,000 after buying an additional 149 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in AppFolio by 48.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after buying an additional 63 shares during the period. Advisory Services Network LLC purchased a new position in AppFolio during the third quarter worth about $55,000. Finally, Employees Retirement System of Texas bought a new position in AppFolio in the 3rd quarter worth about $58,000. 85.19% of the stock is owned by institutional investors.

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.