AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,455,264.00 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $202.12, for a total transaction of $1,455,264.00. Following the transaction, the insider directly owned 14,624 shares in the company, valued at approximately $2,955,802.88. The trade was a 32.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transactions with the SEC.

AppFolio Stock Up 4.1%

Shares of NASDAQ APPF traded up $7.99 during trading on Tuesday, hitting $203.95. The company had a trading volume of 285,413 shares, compared to its average volume of 476,488. The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of 46.56 and a beta of 0.78. The stock has a fifty day simple moving average of $174.14 and a two-hundred day simple moving average of $170.14. AppFolio, Inc. has a fifty-two week low of $142.56 and a fifty-two week high of $288.73.

AppFolio (NASDAQ:APPF) last released its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share 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 the consensus estimate of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.38 EPS. On average, analysts anticipate that AppFolio, Inc. will post 5.16 earnings per share for the current year.

Institutional Trading of AppFolio

A number of large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new position in shares of AppFolio during the second quarter worth approximately $1,043,000. HMI Capital Management L.P. purchased a new position in shares of AppFolio during the second quarter worth about $12,026,000. Ranger Investment Management L.P. acquired a new position in AppFolio in the 2nd quarter valued at about $9,090,000. Bank of New York Mellon Corp purchased a new stake in AppFolio during the 2nd quarter valued at approximately $23,524,000. Finally, Handelsbanken Fonder AB lifted its position in AppFolio by 62.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 10,880 shares of the software maker’s stock worth $1,745,000 after acquiring an additional 4,200 shares during the period. 85.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on APPF. Weiss Ratings upgraded AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. DA Davidson set a $225.00 target price on shares of AppFolio in a research report on Friday, July 24th. Benchmark boosted their price target on shares of AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Guggenheim began coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price objective for the company. Finally, Wall Street Zen downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Two investment 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $243.50.

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.