AppFolio (NASDAQ:APPF) Major Shareholder Maurice Duca Sells 2,656 Shares of Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 2,656 shares of AppFolio stock in a transaction on Friday, August 21st. The shares were sold at an average price of $221.85, for a total transaction of $589,233.60. Following the completion of the transaction, the insider directly owned 8,000 shares of the company’s stock, valued at $1,774,800. The trade was a 24.92% decrease in their position. The transaction was disclosed in a 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 Trading Up 0.3%

Shares of APPF stock opened at $225.10 on Tuesday. The company has a market capitalization of $7.97 billion, a P/E ratio of 51.39 and a beta of 0.78. The business’s 50 day moving average is $178.87 and its two-hundred day moving average is $170.90. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $288.73.

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

Institutional Investors Weigh In On AppFolio

A number of institutional investors have recently modified their holdings of APPF. California State Teachers Retirement System grew its position in AppFolio by 16,264.8% in the 2nd quarter. California State Teachers Retirement System now owns 4,216,564 shares of the software maker’s stock valued at $676,126,000 after acquiring an additional 4,190,798 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of AppFolio by 20.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock valued at $237,665,000 after purchasing an additional 259,933 shares during the last quarter. Wellington Management Group LLP acquired a new stake in AppFolio in the second quarter valued at $36,063,000. Lead Edge Capital Management LLC acquired a new stake in shares of AppFolio during the 1st quarter worth about $33,183,000. Finally, Greenstone Partners & Co. LLC acquired a new stake in AppFolio during the fourth quarter worth approximately $43,647,000. 85.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on APPF. Zacks Research upgraded shares of AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. DA Davidson set a $225.00 price objective on AppFolio in a research note on Friday, July 24th. Wall Street Zen cut AppFolio from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. KeyCorp restated an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Finally, Guggenheim assumed coverage on AppFolio in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 target price for the company. Two investment 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus 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.