AppFolio (NASDAQ: APPF) major holder executes 10,700-share sale via 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
APPFOLIO INC ten percent owner Maurice J. Duca reported open‑market sales of a total of 10,700 shares of Class A Common Stock on July 7, 2026, at prices around $180 per share, through a pension trust, a family trust, and directly. The sales were executed pursuant to a previously adopted Rule 10b5‑1 trading plan. After these transactions, associated entities and trusts together continue to hold sizable indirect positions, and Duca also holds 92,505 shares directly.
Positive
- None.
Negative
- None.
Insights
Pre‑planned insider sales totaling 10,700 shares with large holdings retained.
Ten percent owner Maurice J. Duca reported open‑market sales of 10,700 APPFOLIO Class A shares on July 7, 2026. The trades occurred at prices around $180 per share through a pension trust, a family trust, and a direct account.
A footnote states the sales were made under a Rule 10b5‑1 trading plan adopted on March 13, 2026, indicating they were pre‑scheduled rather than discretionary. Footnotes also explain that Duca has no pecuniary interest in certain trust‑held shares and disclaims beneficial ownership of several LLC‑held positions except for any economic interest.
Following these transactions, reported positions include 92,505 shares held directly, 147,900 by a pension trust with no pecuniary interest, and additional indirect holdings through multiple LLCs and a family trust. The pattern reflects ongoing portfolio management with substantial exposure to APPFOLIO maintained.
Insider Trade Summary 10b5-1
Net Seller: 10,700 shares ($1,929,626)
Net Sell
7 txns
Insider
DUCA MAURICE J
Role
null
Sold
10,700 shs ($1.93M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 3,500 | $180.38 | $631K |
| Sale | Class A Common Stock | 1,600 | $180.00 | $288K |
| Sale | Class A Common Stock | 5,600 | $180.41 | $1.01M |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 92,505 shares (Direct, null);
Class A Common Stock — 42,400 shares (Indirect, By Family Trust)
Footnotes (1)
- Sales made pursuant to a 10(b)5-1 trading plan previously adopted by the Reporting Person on March 13, 2026. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.84, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.90, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. These shares of Class A Common Stock ("Class A Shares") are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, the Reporting Person does not possess any pecuniary interest in these Class A Shares. These Class A Shares are owned by IGSB Cardinal I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein. These Class A Shares are owned by IGSB Gaucho Fund I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein. These Class A Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares, but he disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein. These Class A Shares are held by a trust of which the Reporting Person is a co-trustee and, in that capacity, he may be deemed to share voting and dispositive power over these Class A Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class A Shares.
Key Figures
Shares sold: 10,700 shares
Sale prices: $180.41, $180.00, $180.38 per share
Direct holdings after sale: 92,505 shares
+3 more
6 metrics
Shares sold
10,700 shares
Total APPF Class A shares sold on July 7, 2026 across three transactions
Sale prices
$180.41, $180.00, $180.38 per share
Weighted-average prices for the three reported open-market sales
Direct holdings after sale
92,505 shares
Class A Common Stock held directly by Maurice J. Duca after July 7, 2026 trades
Pension trust holdings
147,900 shares
Class A shares held by a pension trust with no pecuniary interest to Duca
Family trust holdings
42,400 shares
Class A shares held by a family trust after the reported sale
IGSB Gaucho Fund I, LLC holdings
142,857 shares
Indirect Class A holdings via IGSB Gaucho Fund I, LLC
Key Terms
Rule 10b5-1 trading plan, pecuniary interest, beneficial ownership, dispositive power, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"Sales made pursuant to a 10(b)5-1 trading plan previously adopted"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
pecuniary interest financial
"the Reporting Person does not possess any pecuniary interest in these Class A Shares"
beneficial ownership financial
"the Reporting Person disclaims beneficial ownership in these Class A Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
dispositive power financial
"possesses sole voting and dispositive power over these Class A Shares"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
charitable remainder trust financial
"These shares of Class A Common Stock are held by a charitable remainder trust"
FAQ
What insider transactions did APPF (AppFolio Inc) report for Maurice J. Duca?
APPF reported that ten percent owner Maurice J. Duca executed open‑market sales totaling 10,700 Class A Common shares on July 7, 2026, at prices around $180 per share, through a pension trust, a family trust, and a direct account.
What indirect APPF holdings are associated with Maurice J. Duca after these transactions?
Reported indirect APPF holdings include 147,900 shares by a pension trust, 42,400 by a family trust, and stakes such as 142,857, 26,667, 9,805, and 7,022 shares held through various LLCs and a charitable remainder trust.