Key Points
- Major shareholder Maurice Duca sold 1,800 AppFolio shares at an average price of $180, generating $324,000. The Rule 10b5-1 transaction reduced his direct holdings by 4.79% to 35,798 shares.
- AppFolio exceeded quarterly expectations, reporting $1.71 EPS versus a $1.69 consensus estimate and $281.12 million in revenue, up 19.3% year over year.
- Analysts maintain a consensus “Buy” rating with an average price target of $243.50, while institutional investors own 85.19% of the company’s shares.
AppFolio, Inc. (NASDAQ:APPF - Get Free Report) major shareholder Maurice Duca sold 1,800 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $180.00, for a total transaction of $324,000.00. Following the sale, the insider directly owned 35,798 shares in the company, valued at $6,443,640. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
AppFolio Stock Performance
NASDAQ APPF opened at $178.27 on Wednesday. The firm has a market cap of $6.30 billion, a price-to-earnings ratio of 40.70 and a beta of 0.79. The firm has a 50 day simple moving average of $165.35 and a 200-day simple moving average of $172.69. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04.
AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.02. The firm had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The firm's revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.38 EPS. Equities analysts predict that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.
Analyst Ratings Changes
APPF has been the topic of a number of recent research reports. Wall Street Zen lowered AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday. Piper Sandler decreased their target price on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a report on Friday, April 24th. Guggenheim assumed coverage on AppFolio in a research note on Wednesday, July 22nd. They set a "buy" rating and a $232.00 target price for the company. Benchmark upped their price target on AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Finally, DA Davidson set a $225.00 price target on AppFolio in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $243.50.
Get Our Latest Report on AppFolio
Institutional Investors Weigh In On AppFolio
A number of large investors have recently modified their holdings of APPF. Handelsbanken Fonder AB increased its position in shares of AppFolio by 62.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 10,880 shares of the software maker's stock valued at $1,745,000 after purchasing an additional 4,200 shares during the last quarter. Chemistry Wealth Management LLC lifted its position in shares of AppFolio by 17.1% during the 2nd quarter. Chemistry Wealth Management LLC now owns 1,879 shares of the software maker's stock worth $301,000 after purchasing an additional 275 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of AppFolio during the 2nd quarter worth $3,095,000. Evanson Financial LLC acquired a new position in shares of AppFolio during the second quarter worth $962,000. Finally, GAMMA Investing LLC grew its stake in shares of AppFolio by 74.5% during the second quarter. GAMMA Investing LLC now owns 834 shares of the software maker's stock worth $134,000 after purchasing an additional 356 shares in the last quarter. 85.19% of the stock is owned by hedge funds and other institutional investors.
AppFolio Company Profile
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Get Free Report)
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.
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