Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,494,853.52 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,001 shares of AppFolio stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $213.52, for a total value of $1,494,853.52. Following the transaction, the insider directly owned 9,824 shares of the company’s stock, valued at $2,097,620.48. This trade represents a 41.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

AppFolio Stock Up 1.7%

Shares of AppFolio stock traded up $3.63 on Thursday, hitting $218.85. The company’s stock had a trading volume of 333,026 shares, compared to its average volume of 395,396. The company has a market capitalization of $7.75 billion, a P/E ratio of 49.97 and a beta of 0.78. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $288.73. The firm has a fifty day moving average price of $175.08 and a 200-day moving average price of $170.20.

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. The firm had revenue of $281.12 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $1.38 EPS. As a group, analysts expect that AppFolio, Inc. will post 5.16 earnings per share for the current year.

Hedge Funds Weigh In On AppFolio

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in AppFolio by 20.9% during the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock worth $237,665,000 after acquiring an additional 259,933 shares during the last quarter. Wellington Management Group LLP purchased a new stake in AppFolio in the 2nd quarter worth approximately $36,063,000. Lead Edge Capital Management LLC acquired a new position in AppFolio in the 1st quarter valued at $33,183,000. Greenstone Partners & Co. LLC purchased a new position in shares of AppFolio during the 4th quarter worth $43,647,000. Finally, Millennium Management LLC lifted its stake in shares of AppFolio by 158.6% during the 4th quarter. Millennium Management LLC now owns 281,495 shares of the software maker’s stock worth $65,490,000 after purchasing an additional 172,627 shares during the period. Institutional investors and hedge funds own 85.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on APPF. UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. Piper Sandler lowered their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Zacks Research raised AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Guggenheim started coverage on AppFolio in a report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target for the company. Finally, DA Davidson set a $225.00 price objective on AppFolio in a research report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price 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.