AppFolio 10% holder sells 9,856 shares via plan
APPFOLIO INC (APPF) insider Maurice J. Duca, a ten percent owner, reported a series of open‑market sales of Class A Common Stock totaling 9,856 shares on August 20–21, 2026.
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Form Type
4
Rhea-AI Filing Summary
APPFOLIO INC (APPF) insider Maurice J. Duca, a ten percent owner, reported a series of open‑market sales of Class A Common Stock totaling 9,856 shares on August 20–21, 2026. The sales were executed at weighted average prices in ranges between roughly $214 and $224 per share, pursuant to a Rule 10b5-1 trading plan adopted on March 13, 2026. Shares were sold indirectly through a family trust and a pension trust; for the pension‑trust shares, he has sole voting and dispositive power but no pecuniary interest. After these transactions, he reports 31,005 shares held directly and additional indirect holdings through several investment and charitable trusts and LLCs.
Insights
Analyzing...
Insider Trade Summary 10b5-1
Net Seller: 9,856 shares
Net Sell
29 txns
Insider
DUCA MAURICE J
Role
10% Owner
Sold
9,856 shs ($2.16M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock F1, F8 | 8 | $214.71 | $2K |
| Sale | Class A Common Stock F1 | 17 | $216.38 | $4K |
| Sale | Class A Common Stock F1 | 8 | $218.14 | $2K |
| Sale | Class A Common Stock F1, F9 | 35 | $221.41 | $8K |
| Sale | Class A Common Stock F1, F10 | 94 | $222.42 | $21K |
| Sale | Class A Common Stock F1, F11 | 62 | $224.14 | $14K |
| Sale | Class A Common Stock F1, F8, F7 | 92 | $214.73 | $20K |
| Sale | Class A Common Stock F1, F7 | 183 | $216.38 | $40K |
| Sale | Class A Common Stock F1, F7 | 92 | $218.14 | $20K |
| Sale | Class A Common Stock F1, F9, F7 | 365 | $221.37 | $81K |
| Sale | Class A Common Stock F1, F10, F7 | 1,006 | $222.43 | $224K |
| Sale | Class A Common Stock F1, F11, F7 | 694 | $224.13 | $156K |
| Sale | Class A Common Stock F1, F2 | 178 | $215.37 | $38K |
| Sale | Class A Common Stock F1, F3 | 198 | $216.44 | $43K |
| Sale | Class A Common Stock F1, F4 | 452 | $217.68 | $98K |
| Sale | Class A Common Stock F1, F5 | 551 | $218.46 | $120K |
| Sale | Class A Common Stock F1, F6 | 199 | $219.35 | $44K |
| Sale | Class A Common Stock F1 | 22 | $220.06 | $5K |
| Sale | Class A Common Stock F1, F2, F7 | 622 | $215.37 | $134K |
| Sale | Class A Common Stock F1, F3, F7 | 702 | $216.43 | $152K |
| Sale | Class A Common Stock F1, F4, F7 | 1,550 | $217.67 | $337K |
| Sale | Class A Common Stock F1, F5, F7 | 1,947 | $218.45 | $425K |
| Sale | Class A Common Stock F1, F6, F7 | 701 | $219.35 | $154K |
| Sale | Class A Common Stock F1, F7 | 78 | $220.06 | $17K |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock F12 | -- | -- | -- |
| holding | Class A Common Stock F13 | -- | -- | -- |
| holding | Class A Common Stock F14 | -- | -- | -- |
| holding | Class A Common Stock F15 | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 8,000 shares (Indirect, By Family Trust);
Class A Common Stock — 31,500 shares (Indirect, By Pension Trust);
Class A Common Stock — 31,005 shares (Direct);
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 (15)
- 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 $214.75 to $215.61, 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 $216.01 to $216.94, 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.
- 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 $217.03 to $218.02, 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 $218.03 to $218.99, 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.
- F6. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $219.03 to $220.02, 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.
- F7. 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.
- 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 $214.36 to $214.95, 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 $220.96 to $221.895, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $222.09 to $223.08, 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.
- F11. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $223.59 to $224.40, 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.
- F12. 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.
- F13. 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.
- F14. 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.
- F15. 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: 9,856 shares
Price range (sales): $214.36–$224.40 per share
Direct holdings after transaction: 31,005 shares
+5 more
8 metrics
Shares sold
9,856 shares
Total Class A Common Stock sold on August 20–21, 2026
Price range (sales)
$214.36–$224.40 per share
Weighted average sale price ranges from footnotes F2–F6, F8–F11
Direct holdings after transaction
31,005 shares
Class A Common Stock held directly as of August 20, 2026
Indirect holdings via IGSB Cardinal I, LLC
26,667 shares
Class A Common Stock, beneficial ownership disclaimed except pecuniary interest
Indirect holdings via IGSB Gaucho Fund I, LLC
142,857 shares
Class A Common Stock, beneficial ownership disclaimed except pecuniary interest
Indirect holdings via IGSB Cardinal Core BV, LLC
9,805 shares
Class A Common Stock, beneficial ownership disclaimed except pecuniary interest
Indirect holdings via Charitable Remainder Trust
7,022 shares
Class A Common Stock; no pecuniary interest, beneficial ownership disclaimed
10b5-1 plan adoption date
March 13, 2026
Date the Rule 10b5-1 trading plan governing these sales was adopted
Key Terms
Rule 10b5-1 trading plan, weighted average price, pecuniary interest, disclaims beneficial ownership, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 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.
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 financial
"the Reporting Person disclaims beneficial ownership in these Class A Shares"
sole voting and dispositive power financial
"possesses sole voting and dispositive power over these Class A Shares"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Maurice J. Duca report in this Form 4 for APPF?
He reported sales of 9,856 shares of APPF Class A Common Stock on August 20–21, 2026, executed in multiple open‑market transactions through a family trust and a pension trust associated with him.
Was a Rule 10b5-1 trading plan used for these APPF transactions?
Yes. The filing states that all reported sales were made pursuant to a Rule 10b5-1 trading plan previously adopted by Maurice J. Duca on March 13, 2026.
What indirect APPF holdings does Maurice J. Duca report after these sales?
He reports indirect holdings of 26,667 shares via IGSB Cardinal I, LLC, 142,857 shares via IGSB Gaucho Fund I, LLC, 9,805 shares via IGSB Cardinal Core BV, LLC, and 7,022 shares via a charitable remainder trust, with various beneficial‑ownership disclaimers.
AI-generated analysis. How Rhea-AI works. Not financial advice.
