Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,094,549.46 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 5,442 shares of AppFolio stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $201.13, for a total transaction of $1,094,549.46. Following the completion of the transaction, the insider owned 73,132 shares of the company’s stock, valued at $14,709,039.16. This trade represents a 6.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

AppFolio Stock Down 3.1%

AppFolio stock traded down $6.25 during mid-day trading on Wednesday, reaching $196.77. 665,842 shares of the company’s stock were exchanged, compared to its average volume of 397,303. The company has a market cap of $6.97 billion, a P/E ratio of 44.92 and a beta of 0.78. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $288.73. The company has a fifty day moving average of $170.67 and a 200-day moving average of $170.78.

AppFolio (NASDAQ:APPF) last posted 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. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business had revenue of $281.12 million during the quarter, compared to the consensus estimate of $277.35 million. During the same quarter in the previous year, the firm posted $1.38 earnings per share. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. Equities research analysts expect that AppFolio, Inc. will post 5.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on APPF. Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Wall Street Zen cut AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Benchmark boosted their price objective on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating 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. Finally, DA Davidson set a $225.00 target price on shares of AppFolio in a report on Friday, July 24th. Two 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $243.50.

Institutional Trading of AppFolio

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its holdings in shares of AppFolio by 22.6% in the 1st quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock valued at $9,993,000 after acquiring an additional 8,367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in AppFolio by 23.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after purchasing an additional 73 shares during the last quarter. Millennium Management LLC boosted its holdings in AppFolio by 237.7% in the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock valued at $3,970,000 after purchasing an additional 12,709 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in AppFolio by 164.8% in the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock valued at $144,000 after purchasing an additional 407 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in AppFolio by 322.5% in the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after purchasing an additional 50,970 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

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.