AppFolio insider sells 12,700 shares under plan
Maurice J. Duca, a 10% owner of AppFolio, reported sales of 12,700 shares of Class A Common Stock on July 17 and July 20, 2026, at weighted-average prices between $180.00 and $183.75 per share.
Rhea-AI Filing Summary
Maurice J. Duca, a 10% owner of AppFolio, reported sales of 12,700 shares of Class A Common Stock on July 17 and July 20, 2026, at weighted-average prices between $180.00 and $183.75 per share. The sales involved shares held directly, by a family trust, and by a pension trust where he has voting and dispositive power but no pecuniary interest, and were executed under a 10b5-1 trading plan adopted on March 13, 2026.
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Insights
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Insider Trade Summary 10b5-1
Net Seller: 12,700 shares
Net Sell
16 txns
Insider
DUCA MAURICE J
Role
10% Owner
Sold
12,700 shs ($2.30M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock F1 | 200 | $180.00 | $36K |
| Sale | Class A Common Stock F1 | 1,600 | $180.00 | $288K |
| Sale | Class A Common Stock F1, F6 | 200 | $180.00 | $36K |
| Sale | Class A Common Stock F1, F2 | 748 | $180.59 | $135K |
| Sale | Class A Common Stock F1, F3 | 1,219 | $181.31 | $221K |
| Sale | Class A Common Stock F1, F4 | 1,033 | $182.68 | $189K |
| Sale | Class A Common Stock F1, F5 | 500 | $183.30 | $92K |
| Sale | Class A Common Stock F1 | 1,600 | $180.00 | $288K |
| Sale | Class A Common Stock F1, F2, F6 | 863 | $180.64 | $156K |
| Sale | Class A Common Stock F1, F7, F6 | 1,773 | $181.42 | $322K |
| Sale | Class A Common Stock F1, F8, F6 | 2,564 | $182.67 | $468K |
| Sale | Class A Common Stock F1, F9, F6 | 400 | $183.18 | $73K |
| holding | Class A Common Stock F10 | -- | -- | -- |
| holding | Class A Common Stock F11 | -- | -- | -- |
| holding | Class A Common Stock F12 | -- | -- | -- |
| holding | Class A Common Stock F13 | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 81,480 shares (Direct);
Class A Common Stock — 35,798 shares (Indirect, By Family Trust);
Class A Common Stock — 130,440 shares (Indirect, By Pension Trust);
Class A Common Stock — 26,667 shares (Indirect, By IGSB Cardinal I, LLC);
Class A Common Stock — 142,857 shares (Indirect, By IGSB Gaucho Fund I, LLC);
Class A Common Stock — 9,805 shares (Indirect, By IGSB Cardinal Core BV, LLC);
Class A Common Stock — 7,022 shares (Indirect, By Charitable Remainder Trust)
Footnotes (13)
- F1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
- F2. 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 $180.99, 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.
- F3. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.91, 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.
- F4. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $182.03 to $182.95, 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.
- F5. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $183.17 to $183.75, 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.
- F6. 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.
- F7. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.94, 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.
- F8. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $182.03 to $182.95, 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.
- F9. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $183.17 to $183.22, 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.
- F10. 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.
- F11. 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.
- F12. 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.
- F13. 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: 12700 shares of Class A Common Stock
Sale price range: $180.00–$183.75 per share
Direct sale 2026-07-20: 200.0000 shares at $180.0000 per share
+4 more
7 metrics
Shares sold
12700 shares of Class A Common Stock
Aggregate non-derivative sales reported for July 17 and 20, 2026
Sale price range
$180.00–$183.75 per share
Price ranges from weighted-average sale footnotes F2–F5, F7–F9
Direct sale 2026-07-20
200.0000 shares at $180.0000 per share
Directly held Class A Common Stock sold on July 20, 2026
Family trust sale 2026-07-20
1600.0000 shares at $180.0000 per share
Indirect sale by Family Trust on July 20, 2026
Pension trust sale 2026-07-17
2564.0000 shares at $182.6700 per share
Indirect sale by pension trust; reporting person has no pecuniary interest
IGSB Gaucho Fund I, LLC holding
142857.0000 shares
Indirect Class A Common Stock holding after transactions
Charitable Remainder Trust holding
7022.0000 shares
Indirect Class A Common Stock holding; beneficial ownership disclaimed
Key Terms
10b5-1 trading plan, weighted average price, pecuniary interest, disclaims beneficial ownership, +1 more
5 terms
10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan previously adopted"
A 10b5-1 trading plan is a pre-arranged strategy that allows company insiders to buy or sell company stock at set times, regardless of their current knowledge about the company's situation. It acts like a scheduled appointment for trading, helping prevent the appearance of impropriety or insider trading. This plan provides a way for insiders to sell or buy shares in a controlled, transparent manner, offering reassurance to investors about fair trading practices.
weighted average price financial
"This price reflects the weighted average price at which these shares were sold"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
pecuniary interest financial
"the Reporting Person does not possess any pecuniary interest in these Class A Shares"
disclaims beneficial ownership regulatory
"the Reporting Person disclaims beneficial ownership in these Class A Shares"
Class A Common Stock financial
"These shares of Class A Common Stock are held by a pension trust"
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did APPF report for Maurice J. Duca?
AppFolio (APPF) reported that 10% owner Maurice J. Duca sold 12,700 shares of Class A Common Stock on July 17 and 20, 2026. The sales were split between directly held shares, a family trust, and a pension trust reported due to his trustee role.
Was the APPF insider sale by Maurice J. Duca under a 10b5-1 plan?
Yes. Footnote F1 states the APPF share sales were made pursuant to a 10b5-1 trading plan adopted by Maurice J. Duca on March 13, 2026. Such plans pre-schedule trades, meaning these dispositions followed a pre-arranged trading program rather than discretionary timing.
How are the APPF pension trust transactions characterized in this filing?
Certain APPF share sales involved a pension trust where Maurice J. Duca is sole trustee with sole voting and dispositive power. Footnote F6 adds he has no pecuniary interest in those Class A shares, so he reports them based on control rather than economic ownership.
What indirect APPF holdings does Maurice J. Duca report after these sales?
The Form 4 lists indirect APPF Class A holdings of 26,667, 142,857, and 9,805 shares via three IGSB LLC entities, plus 7,022 shares in a charitable remainder trust. Footnotes state he has voting or shared voting power but disclaims beneficial ownership except for any pecuniary interest.
Does this APPF Form 4 report any derivative securities for Maurice J. Duca?
No. The filing’s transactions all involve non-derivative Class A Common Stock, and the derivativeSummary section is empty. There are no option exercises, warrant conversions, or other derivative transactions reported for Maurice J. Duca in this particular Form 4.
AI-generated analysis. How Rhea-AI works. Not financial advice.
