Maurice Duca Sells 6,693 Shares of AppFolio (NASDAQ:APPF) Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 6,693 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $198.93, for a total transaction of $1,331,438.49. Following the completion of the transaction, the insider directly owned 16,224 shares of the company’s stock, valued at $3,227,440.32. This trade represents a 29.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

AppFolio Price Performance

NASDAQ APPF traded up $0.24 during midday trading on Friday, hitting $204.21. 265,096 shares of the company traded hands, compared to its average volume of 396,519. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $288.73. The company’s 50-day simple moving average is $172.09 and its 200-day simple moving average is $170.49. The company has a market cap of $7.23 billion, a PE ratio of 46.62 and a beta of 0.78.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on APPF shares. Benchmark increased their price target on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Piper Sandler cut their price objective on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. DA Davidson set a $225.00 target price on shares of AppFolio in a research report on Friday, July 24th. Finally, KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Two research 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. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $243.50.

Institutional Investors Weigh In On AppFolio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of AppFolio by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock worth $595,691,000 after acquiring an additional 101,466 shares during the last quarter. Principal Financial Group Inc. raised 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. State Street Corp boosted its stake in AppFolio by 1.1% in the 4th quarter. State Street Corp now owns 685,656 shares of the software maker’s stock worth $159,518,000 after purchasing an additional 7,585 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in AppFolio by 17.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker’s stock worth $155,717,000 after purchasing an additional 98,230 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in AppFolio by 15.6% during the 4th quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker’s stock worth $148,487,000 after purchasing an additional 86,272 shares during the last quarter. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

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.