Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells 7,200 Shares of Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $188.88, for a total value of $1,359,936.00. Following the completion of the transaction, the insider directly owned 29,024 shares of the company’s stock, valued at approximately $5,482,053.12. This represents a 19.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 shares are required to disclose their sales and purchases with the SEC.

AppFolio Trading Up 4.1%

APPF stock traded up $7.84 during midday trading on Tuesday, reaching $199.53. The stock had a trading volume of 631,064 shares, compared to its average volume of 394,211. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $323.33. The company’s fifty day simple moving average is $166.93 and its 200 day simple moving average is $171.55. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 45.55 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last released its 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. The business had revenue of $281.12 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.38 earnings per share. Sell-side analysts predict that AppFolio, Inc. will post 5.16 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on APPF shares. Wall Street Zen cut shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Benchmark boosted 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. DA Davidson set a $225.00 price target on AppFolio in a research report on Friday, July 24th. UBS Group set a $210.00 price target on AppFolio in a report on Friday, April 24th. Finally, KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $243.50.

Institutional Investors Weigh In On AppFolio

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its stake in AppFolio by 101.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock worth $26,000 after purchasing an additional 56 shares during the period. Optiver Holding B.V. grew its stake in shares of AppFolio by 827.8% in the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock valued at $26,000 after buying an additional 149 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after buying an additional 63 shares during the period. Advisory Services Network LLC acquired a new stake in shares of AppFolio during the 3rd quarter worth approximately $55,000. Finally, Employees Retirement System of Texas acquired a new stake in shares of AppFolio during the 3rd quarter worth approximately $58,000. 85.19% of the stock is currently owned by institutional investors and hedge funds.

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.