AppFolio (NASDAQ:APPF) Major Shareholder Sells $589,233.60 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 2,656 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $221.85, for a total value of $589,233.60. Following the sale, the insider owned 8,000 shares of the company’s stock, valued at approximately $1,774,800. The trade was a 24.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

AppFolio Stock Up 0.1%

Shares of APPF stock opened at $223.18 on Thursday. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $288.73. The firm has a market cap of $7.91 billion, a PE ratio of 50.95 and a beta of 0.78. The stock has a 50 day moving average of $181.66 and a 200-day moving average of $171.50.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (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 for the quarter, compared to the consensus estimate of $277.35 million. During the same quarter last year, the company posted $1.38 earnings per share. AppFolio’s quarterly revenue was up 19.3% on a year-over-year basis. As a group, equities analysts predict that AppFolio, Inc. will post 5.17 EPS for the current fiscal year.

Institutional Investors Weigh In On AppFolio

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in AppFolio by 22.6% during the 1st quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock valued at $9,993,000 after purchasing an additional 8,367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 buying an additional 73 shares during the last quarter. Millennium Management LLC grew its stake in AppFolio by 237.7% during the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock worth $3,970,000 after buying an additional 12,709 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of AppFolio by 164.8% during the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock worth $144,000 after buying an additional 407 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of AppFolio by 322.5% during the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock worth $14,684,000 after buying an additional 50,970 shares in the last quarter. Institutional investors own 85.19% of the company’s stock.

Analysts Set New Price Targets

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