Insider Selling: 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 stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $217.77, for a total transaction of $1,567,944.00. Following the completion of the sale, the insider directly owned 8,224 shares in the company, valued at approximately $1,790,940.48. This represents a 46.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 stock are required to disclose their sales and purchases with the SEC.

AppFolio Price Performance

Shares of AppFolio stock traded up $0.70 during trading on Monday, hitting $225.10. The stock had a trading volume of 415,963 shares, compared to its average volume of 395,317. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $288.73. The firm’s fifty day simple moving average is $177.53 and its 200-day simple moving average is $170.61. The stock has a market cap of $7.97 billion, a PE ratio of 51.39 and a beta of 0.78.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in shares of AppFolio by 101.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after buying an additional 56 shares during the period. Optiver Holding B.V. grew its holdings in AppFolio by 827.8% during the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock worth $26,000 after acquiring an additional 149 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in AppFolio by 48.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after purchasing an additional 63 shares during the period. Advisory Services Network LLC bought a new stake in shares of AppFolio in the 3rd quarter valued at about $55,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of AppFolio in the 3rd quarter worth approximately $58,000. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on APPF. Guggenheim started coverage on AppFolio in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price objective on the stock. Weiss Ratings upgraded AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. DA Davidson set a $225.00 price target on shares of AppFolio in a report on Friday, July 24th. Finally, Zacks Research raised shares of AppFolio from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Two 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. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average 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.