AppFolio (NASDAQ:APPF) Major Shareholder Sells 7,200 Shares of Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $198.43, for a total value of $1,428,696.00. Following the completion of the sale, the insider owned 21,024 shares in the company, valued at $4,171,792.32. This represents a 25.51% decrease in their ownership of the stock. 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 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

AppFolio Stock Down 3.1%

NASDAQ APPF traded down $6.25 during trading on Wednesday, hitting $196.77. 665,842 shares of the stock traded hands, compared to its average volume of 397,303. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $288.73. The firm has a 50-day simple moving average of $170.67 and a 200-day simple moving average of $170.78. The company has a market capitalization of $6.97 billion, a P/E ratio of 44.92 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.02. The business had revenue of $281.12 million for 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 company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.38 EPS. As a group, research analysts predict that AppFolio, Inc. will post 5.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on APPF. Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Piper Sandler reduced their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Benchmark upped their target price 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. Guggenheim assumed coverage on shares of 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 target on AppFolio in a research report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $243.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of AppFolio by 20.9% during the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock valued at $237,665,000 after buying an additional 259,933 shares during the last quarter. Lead Edge Capital Management LLC bought a new stake in shares of AppFolio during the 1st quarter worth approximately $33,183,000. Greenstone Partners & Co. LLC bought a new stake in shares of AppFolio during the 4th quarter worth approximately $43,647,000. Millennium Management LLC boosted its holdings in AppFolio by 158.6% during the 4th quarter. Millennium Management LLC now owns 281,495 shares of the software maker’s stock valued at $65,490,000 after acquiring an additional 172,627 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in AppFolio during the 2nd quarter valued at $23,524,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

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.