AppFolio Inc. director Maurice J. Duca sold 9,856 shares of Class A common stock valued at approximately $2.16 million on August 20 and 21, executed under a pre-arranged 10b5-1 trading plan adopted on March 13, 2026.
The transactions occurred at share prices ranging from $214.71 to $224.14, with AppFolio’s stock last trading at $225.10. Of the total disposed, 8,032 shares were sold from a pension trust where Duca serves as sole trustee but holds no pecuniary interest, while 1,824 shares were sold from a family trust.
Following the sales, Duca retains direct ownership of 31,005 AppFolio shares. Indirect holdings include 8,000 shares in the family trust and 31,500 shares in the pension trust. Additional indirect beneficial ownership totals 189,329 shares across three investment vehicles—IGSB Cardinal I, LLC; IGSB Gaucho Fund I, LLC; and IGSB Cardinal Core BV, LLC—where Duca acts as managing member but disclaims beneficial ownership except for any pecuniary interest. A 7,022-share stake in a charitable remainder trust is also held indirectly with no pecuniary interest.
The insider sales follow AppFolio’s recent financial performance, with second-quarter revenue rising 19% year-over-year to $281 million, exceeding Wall Street’s $277.26 million estimate. The company also surpassed $1 billion in trailing 12-month revenue for the first time. Over the past week, AppFolio shares have gained 14.87%, and the stock has surged 35% over the last six months.
DA Davidson maintained its Buy rating on AppFolio with a price target of $225, aligning closely with the current trading level.
