Maurice Duca Sells 1,682 Shares of AppFolio (NASDAQ:APPF) Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 1,682 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $181.02, for a total transaction of $304,475.64. Following the transaction, the insider owned 32,224 shares in the company, valued at approximately $5,833,188.48. The trade was a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 Price Performance

Shares of NASDAQ APPF traded down $10.97 during mid-day trading on Thursday, hitting $176.02. The company’s stock had a trading volume of 294,601 shares, compared to its average volume of 394,762. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The company’s fifty day simple moving average is $166.09 and its 200-day simple moving average is $172.06. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 40.19 and a beta of 0.79.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, beating 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 analyst estimates of $277.35 million. During the same period in the prior year, the business posted $1.38 earnings per share. AppFolio’s revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts predict that AppFolio, Inc. will post 5.16 EPS for the current year.

Hedge Funds Weigh In On AppFolio

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of AppFolio by 20.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock valued at $237,665,000 after buying an additional 259,933 shares during the period. Lead Edge Capital Management LLC acquired a new stake in AppFolio during the 1st quarter worth $33,183,000. Greenstone Partners & Co. LLC acquired a new stake in AppFolio during the 4th quarter worth $43,647,000. Millennium Management LLC lifted its holdings in AppFolio by 158.6% during the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker’s stock worth $65,490,000 after acquiring an additional 172,627 shares in the last quarter. Finally, Caledonia Private Investments Pty Ltd lifted its holdings in AppFolio by 45.9% during the fourth quarter. Caledonia Private Investments Pty Ltd now owns 332,635 shares of the software maker’s stock worth $77,388,000 after acquiring an additional 104,609 shares in the last quarter. 85.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on APPF. Guggenheim began coverage on AppFolio in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target on the stock. UBS Group set a $210.00 price objective on AppFolio in a report on Friday, April 24th. Piper Sandler cut their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Benchmark raised their target price on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus 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.