AppFolio (NASDAQ:APPF) Major Shareholder Sells $1,567,944.00 in Stock

AppFolio, Inc. (NASDAQ:APPF) major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $217.77, for a total transaction of $1,567,944.00. Following the transaction, the insider owned 8,224 shares of the company’s stock, valued at approximately $1,790,940.48. The trade was a 46.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

AppFolio Stock Performance

NASDAQ APPF opened at $223.18 on Thursday. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $288.73. The company has a 50-day simple moving average of $181.66 and a 200 day simple moving average of $171.50. The company has a market capitalization of $7.91 billion, a PE ratio of 50.95 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, topping the consensus estimate of $1.69 by $0.02. The business had revenue of $281.12 million for 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.38 earnings per share. As a group, analysts forecast that AppFolio, Inc. will post 5.17 EPS for the current fiscal year.

Hedge Funds Weigh In On AppFolio

Hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its position in shares of AppFolio by 16,264.8% in the second quarter. California State Teachers Retirement System now owns 4,216,564 shares of the software maker’s stock valued at $676,126,000 after acquiring an additional 4,190,798 shares during the period. Principal Financial Group Inc. increased its holdings in AppFolio by 20.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock worth $237,665,000 after acquiring an additional 259,933 shares during the period. Wellington Management Group LLP bought a new stake in AppFolio during the 2nd quarter worth approximately $36,063,000. Lead Edge Capital Management LLC purchased a new stake in AppFolio in the 1st quarter worth approximately $33,183,000. Finally, Greenstone Partners & Co. LLC purchased a new stake in AppFolio in the 4th quarter worth approximately $43,647,000. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Zacks Research raised AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Guggenheim started coverage on AppFolio in a research report on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price target on the stock. Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, DA Davidson set a $225.00 price target on shares of AppFolio in a research report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently 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.