Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,096,984.00 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 5,600 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $195.89, for a total transaction of $1,096,984.00. Following the completion of the transaction, the insider owned 50,732 shares of the company’s stock, valued at approximately $9,937,891.48. The trade was a 9.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 Performance

Shares of NASDAQ APPF traded up $7.99 during midday trading on Tuesday, reaching $203.95. The stock had a trading volume of 285,413 shares, compared to its average volume of 476,488. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 46.56 and a beta of 0.78. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $288.73. The stock has a 50-day moving average of $174.14 and a 200-day moving average of $170.14.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in shares of AppFolio during the second quarter valued at approximately $1,043,000. HMI Capital Management L.P. bought a new position in AppFolio in the 2nd quarter valued at $12,026,000. Ranger Investment Management L.P. purchased a new stake in shares of AppFolio during the second quarter valued at $9,090,000. Bank of New York Mellon Corp bought a new position in AppFolio in the 2nd quarter worth about $23,524,000. Finally, Handelsbanken Fonder AB boosted its stake in shares of AppFolio by 62.9% during the second quarter. Handelsbanken Fonder AB now owns 10,880 shares of the software maker’s stock valued at $1,745,000 after purchasing an additional 4,200 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Analyst Upgrades and Downgrades

APPF has been the topic of a number of recent research reports. DA Davidson set a $225.00 price objective on AppFolio in a research report on Friday, July 24th. Benchmark boosted their target price on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. UBS Group set a $210.00 price target on AppFolio in a report on Friday, April 24th. Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Two equities research 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, AppFolio presently has an average rating of “Buy” and a consensus 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.