AppFolio (NASDAQ:APPF) Major Shareholder Sells 1,682 Shares

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 1,682 shares of AppFolio stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $181.02, for a total value of $304,475.64. Following the transaction, the insider owned 32,224 shares in the company, valued at $5,833,188.48. This trade represents a 4.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

AppFolio Stock Down 5.9%

Shares of APPF traded down $10.97 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. The firm’s fifty day moving average price is $166.09 and its 200-day moving average price is $172.06. AppFolio, Inc. has a fifty-two week low of $142.56 and a fifty-two week high of $326.04. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of 40.19 and a beta of 0.79.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 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 firm had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. During the same period last year, the company posted $1.38 EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis. As a group, equities analysts predict that AppFolio, Inc. will post 5.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

APPF has been the topic of several research reports. Piper Sandler cut their price objective on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Benchmark lifted their price target on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research note on Friday, April 24th. UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. Finally, Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $243.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in APPF. Woodline Partners LP increased its stake in AppFolio by 2.9% in the 1st quarter. Woodline Partners LP now owns 1,754 shares of the software maker’s stock valued at $386,000 after buying an additional 50 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock worth $26,000 after buying an additional 56 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of AppFolio by 4.8% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 1,263 shares of the software maker’s stock valued at $348,000 after acquiring an additional 58 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings 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 acquiring an additional 63 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC grew its holdings in shares of AppFolio by 1.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 5,162 shares of the software maker’s stock valued at $1,201,000 after acquiring an additional 64 shares in the last quarter. Institutional investors own 85.19% of the company’s stock.

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.