AppFolio (NASDAQ:APPF) Major Shareholder Maurice Duca Sells 1,800 Shares

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 1,800 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $180.00, for a total transaction of $324,000.00. Following the completion of the sale, the insider directly owned 35,798 shares of the company’s stock, valued at $6,443,640. This represents a 4.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

AppFolio Trading Up 5.6%

AppFolio stock opened at $178.27 on Wednesday. The company has a 50-day moving average price of $165.35 and a 200 day moving average price of $172.69. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $326.04. The stock has a market cap of $6.30 billion, a P/E ratio of 40.70 and a beta of 0.79.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.02. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The company had revenue of $281.12 million for the quarter, compared to analyst estimates of $277.35 million. During the same period in the previous year, the business posted $1.38 EPS. AppFolio’s revenue was up 19.3% on a year-over-year basis. As a group, analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current year.

Hedge Funds Weigh In On AppFolio

Hedge funds have recently made changes to their positions in the stock. M&T Bank Corp lifted its stake in AppFolio by 1,643.8% during the fourth quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock worth $22,370,000 after purchasing an additional 90,639 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of AppFolio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after buying an additional 101,466 shares in the last quarter. Riverbridge Partners LLC acquired a new stake in shares of AppFolio in the first quarter valued at $13,906,000. Quantum Capital Management LLC NJ purchased a new stake in shares of AppFolio in the 4th quarter valued at $7,995,000. Finally, SG Americas Securities LLC raised its holdings in shares of AppFolio by 666.2% in the 1st quarter. SG Americas Securities LLC now owns 25,185 shares of the software maker’s stock valued at $3,975,000 after buying an additional 21,898 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on APPF. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Benchmark raised their target price on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. UBS Group set a $210.00 target price on AppFolio in a research report on Friday, April 24th. DA Davidson set a $225.00 price target on AppFolio in a research note on Friday. Finally, Piper Sandler lowered 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $243.50.

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.