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 the company’s 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 sale, the insider 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

AppFolio Price Performance

Shares of APPF stock traded up $0.70 during trading hours on Monday, reaching $225.10. The company had a trading volume of 415,963 shares, compared to its average volume of 395,317. The company has a 50 day moving average of $177.53 and a 200 day moving average of $170.61. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 51.39 and a beta of 0.78. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $288.73.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.02. The business had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.38 earnings per share. As a group, sell-side analysts forecast that AppFolio, Inc. will post 5.16 EPS for the current fiscal year.

Institutional Investors Weigh In On AppFolio

A number of hedge funds have recently modified their holdings of APPF. California State Teachers Retirement System lifted its holdings in shares of AppFolio by 16,264.8% during 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 purchasing an additional 4,190,798 shares in the last quarter. AlphaGrep UK Ltd bought a new stake in AppFolio during the 2nd quarter worth approximately $240,000. Nellore Capital Management LLC raised its holdings in AppFolio by 2.9% during the 2nd quarter. Nellore Capital Management LLC now owns 654,865 shares of the software maker’s stock worth $105,008,000 after buying an additional 18,563 shares during the period. Alamar Capital Management LLC raised its holdings in AppFolio by 12.0% during the 2nd quarter. Alamar Capital Management LLC now owns 17,950 shares of the software maker’s stock worth $2,878,000 after buying an additional 1,925 shares during the period. Finally, Nykredit A S bought a new position in AppFolio in the second quarter valued at approximately $187,000. Institutional investors and hedge funds own 85.19% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on APPF. Wall Street Zen lowered AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Guggenheim initiated coverage on shares of AppFolio in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target on the stock. DA Davidson set a $225.00 price objective on shares of AppFolio in a report on Friday, July 24th. Zacks Research raised shares of AppFolio from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Finally, KeyCorp reiterated an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price 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.