Maurice Duca Sells 7,200 Shares of AppFolio (NASDAQ:APPF) Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $181.55, for a total value of $1,307,160.00. Following the completion of the sale, the insider directly owned 37,398 shares of the company’s stock, valued at approximately $6,789,606.90. This represents a 16.14% decrease in their ownership of the stock. The sale was disclosed in a filing 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 shares are required to disclose their transactions with the SEC.

AppFolio Stock Performance

Shares of NASDAQ APPF traded up $16.55 during mid-day trading on Tuesday, reaching $185.29. The company had a trading volume of 152,190 shares, compared to its average volume of 390,163. The stock has a market capitalization of $6.55 billion, a PE ratio of 42.56 and a beta of 0.79. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $326.04. The stock’s 50 day moving average is $164.98 and its 200-day moving average is $173.02.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, beating the consensus estimate of $1.69 by $0.02. The business had revenue of $281.12 million during 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 firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 EPS. On average, sell-side analysts anticipate that AppFolio, Inc. will post 5.04 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Weiss Ratings downgraded AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 11th. KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Benchmark boosted their price objective on shares of AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a report on Friday, April 24th. DA Davidson set a $225.00 target price on AppFolio in a research note on Friday. Finally, Guggenheim began coverage on shares of AppFolio in a report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target on the stock. One investment analyst has 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 data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $243.50.

Institutional Trading of AppFolio

Institutional investors have recently made changes to their positions in the business. Handelsbanken Fonder AB lifted its position in shares of AppFolio by 62.9% in the second quarter. Handelsbanken Fonder AB now owns 10,880 shares of the software maker’s stock valued at $1,745,000 after buying an additional 4,200 shares during the last quarter. Chemistry Wealth Management LLC increased its holdings in shares of AppFolio by 17.1% in the second quarter. Chemistry Wealth Management LLC now owns 1,879 shares of the software maker’s stock valued at $301,000 after purchasing an additional 275 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of AppFolio in the second quarter valued at about $3,095,000. Evanson Financial LLC bought a new stake in shares of AppFolio during the 2nd quarter worth about $962,000. Finally, GAMMA Investing LLC boosted its holdings in shares of AppFolio by 74.5% during the second quarter. GAMMA Investing LLC now owns 834 shares of the software maker’s stock worth $134,000 after acquiring an additional 356 shares during the period. Institutional investors own 85.19% of the company’s stock.

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.