Insider Selling: AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,464,552.00 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $203.41, for a total value of $1,464,552.00. Following the transaction, the insider owned 11,424 shares in the company, valued at approximately $2,323,755.84. This represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

AppFolio Price Performance

Shares of NASDAQ:APPF traded up $3.63 during midday trading on Thursday, hitting $218.85. The company had a trading volume of 333,026 shares, compared to its average volume of 395,396. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $288.73. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 49.97 and a beta of 0.78. The business’s 50-day simple moving average is $175.08 and its 200-day simple moving average is $170.20.

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

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on APPF shares. UBS Group set a $210.00 price objective on shares of AppFolio in a research report on Friday, April 24th. Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Piper Sandler decreased their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Guggenheim began 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. Finally, Benchmark lifted 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. Two 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 data from MarketBeat.com, AppFolio presently has an average rating of “Buy” and an average target price 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.