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AppFolio (APPF) insider offloads 15,800 shares in August

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

APPFOLIO INC (APPF) reported that 10% owner Maurice J. Duca filed a Form 4 detailing open‑market sales of a total of 15,800 shares of Class A Common Stock on August 14 and 17, 2026, across 30 separate transactions. Reported weighted‑average sale prices ranged from approximately $193.63 to $205.00 per share, with specific trades executed at various prices within narrower ranges on each line.

The filing shows sales from both direct holdings, a family trust, and a pension trust. For the pension trust, Duca is the sole trustee with sole voting and dispositive power but disclaims any pecuniary interest in those shares. All transactions were made pursuant to a Rule 10b5‑1 trading plan that Duca adopted on March 13, 2026.

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Insights

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Insider DUCA MAURICE J
Role 10% Owner
Sold 15,800 shs ($3.16M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F9 425 $194.28 $83K
Sale Class A Common Stock F1, F10 1,182 $195.33 $231K
Sale Class A Common Stock F1, F11 1,141 $196.08 $224K
Sale Class A Common Stock F1, F12 556 $196.98 $110K
Sale Class A Common Stock F1, F13 163 $198.37 $32K
Sale Class A Common Stock F1 33 $199.05 $7K
Sale Class A Common Stock F1, F9 196 $194.28 $38K
Sale Class A Common Stock F1, F10 539 $195.33 $105K
Sale Class A Common Stock F1, F11 522 $196.08 $102K
Sale Class A Common Stock F1, F12 254 $196.98 $50K
Sale Class A Common Stock F1, F13 74 $198.37 $15K
Sale Class A Common Stock F1 15 $199.05 $3K
Sale Class A Common Stock F1, F2 446 $200.29 $89K
Sale Class A Common Stock F1, F3 890 $201.17 $179K
Sale Class A Common Stock F1, F4 1,050 $201.97 $212K
Sale Class A Common Stock F1, F5 394 $203.04 $80K
Sale Class A Common Stock F1, F6 687 $204.14 $140K
Sale Class A Common Stock F1 33 $205.00 $7K
Sale Class A Common Stock F1, F2 203 $200.29 $41K
Sale Class A Common Stock F1, F7 409 $201.18 $82K
Sale Class A Common Stock F1, F4 479 $201.97 $97K
Sale Class A Common Stock F1, F5 180 $203.04 $37K
Sale Class A Common Stock F1, F6 314 $204.14 $64K
Sale Class A Common Stock F1 15 $205.00 $3K
Sale Class A Common Stock F1, F2, F8 718 $200.29 $144K
Sale Class A Common Stock F1, F7, F8 1,434 $201.17 $288K
Sale Class A Common Stock F1, F4, F8 1,671 $201.97 $337K
Sale Class A Common Stock F1, F5, F8 626 $203.04 $127K
Sale Class A Common Stock F1, F6, F8 1,099 $204.14 $224K
Sale Class A Common Stock F1, F8 52 $205.00 $11K
Holdings After Transaction: Class A Common Stock — 56,332 shares (Indirect, By Pension Trust); Class A Common Stock — 31,662 shares (Direct); Class A Common Stock — 13,024 shares (Indirect, By Family Trust)
Footnotes (13)
  1. F1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
  2. 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 $199.63 to $200.62, 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.
  3. 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 $200.63 to $201.595, 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.
  4. 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 $201.64 to $202.56, 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.
  5. 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 $202.67 to $203.64, 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.
  6. 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 $203.73 to $204.49, 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.
  7. 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 $200.63 to $201.60, 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.
  8. F8. 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.
  9. 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 $193.63 to $194.61, 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.
  10. 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 $194.73 to $195.72, 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.
  11. 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 $195.73 to $196.63, 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.
  12. F12. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $196.74 to $197.635, 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.
  13. F13. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $197.91 to $198.77, 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.
Total shares sold 15,800 shares Aggregate of all reported non-derivative sales in this Form 4
Number of sale transactions 30 Total count of reported non-derivative sale line items
Lowest reported price range floor $193.63 per share Lower bound of price range in footnote F9 for certain August 17, 2026 sales
Highest reported price $205.00 per share Per-share sale price on specific August 14, 2026 transactions
10b5-1 plan adoption date March 13, 2026 Date Maurice J. Duca adopted the trading plan governing these sales
Sale dates August 14 and 17, 2026 Transaction dates for the reported Class A Common Stock sales
Reporting person status 10% owner Maurice J. Duca is reported as a ten percent owner of APPF
Rule 10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person"
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
"However, the Reporting Person does not possess any pecuniary interest in these Class A Shares"
dispositive power financial
"possesses sole voting and sole 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.

FAQ

What insider activity did APPF (AppFolio Inc) report for Maurice J. Duca?
APPF reported that 10% owner Maurice J. Duca sold a total of 15,800 Class A shares in open‑market transactions on August 14 and 17, 2026, spread across 30 separate trades at varying prices.

At what prices were the APPF shares sold in Maurice Duca’s August 2026 Form 4?
The reported sales used weighted‑average prices per line item, with underlying trade prices ranging from about $193.63 to $205.00 per share. Each footnote specifies a narrower price range for the transactions included in that line.

Was Maurice Duca’s APPF stock sale under a Rule 10b5-1 plan?
Yes. The Form 4 states the sales were made pursuant to a Rule 10b5‑1 trading plan adopted by Maurice J. Duca on March 13, 2026, indicating the trades were pre‑programmed rather than decided at the time of execution.

How many APPF shares did Maurice Duca sell directly versus through trusts?
The Form 4 aggregates 15,800 shares sold in total, split among direct holdings, a family trust, and a pension trust. Exact direct versus trust breakdowns are given line‑by‑line, but the filing does not state aggregate subtotals by ownership type.

What is notable about the pension trust transactions in the APPF Form 4?
Shares labeled as held “By Pension Trust” are controlled by Maurice J. Duca as sole trustee, with sole voting and dispositive power, but he does not have any pecuniary interest in those shares, according to the footnote disclosure.

Why did APPF file two Form 4s for Maurice Duca on August 18, 2026?
A remark explains that, due to a 30 line‑item limitation in Table I, this Form 4 is the first of two separate Form 4 reports filed for Maurice J. Duca on August 18, 2026 to cover all of his transactions.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
DUCA MAURICE J
(Last)(First)(Middle)
C/O IGSB, INC.
1485 E. VALLEY ROAD, SUITE H
(Street)
SANTA BARBARA CALIFORNIA 93108
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class A Common Stock08/14/2026S(1)446D$200.29(2)38,216D
Class A Common Stock08/14/2026S(1)890D$201.17(3)37,326D
Class A Common Stock08/14/2026S(1)1,050D$201.97(4)36,276D
Class A Common Stock08/14/2026S(1)394D$203.04(5)35,882D
Class A Common Stock08/14/2026S(1)687D$204.14(6)35,195D
Class A Common Stock08/14/2026S(1)33D$20535,162D
Class A Common Stock08/14/2026S(1)203D$200.29(2)16,021IBy Family Trust
Class A Common Stock08/14/2026S(1)409D$201.18(7)15,612IBy Family Trust
Class A Common Stock08/14/2026S(1)479D$201.97(4)15,133IBy Family Trust
Class A Common Stock08/14/2026S(1)180D$203.04(5)14,953IBy Family Trust
Class A Common Stock08/14/2026S(1)314D$204.14(6)14,639IBy Family Trust
Class A Common Stock08/14/2026S(1)15D$20514,624IBy Family Trust
Class A Common Stock08/14/2026S(1)718D$200.29(2)61,214IBy Pension Trust(8)
Class A Common Stock08/14/2026S(1)1,434D$201.17(7)59,780IBy Pension Trust(8)
Class A Common Stock08/14/2026S(1)1,671D$201.97(4)58,109IBy Pension Trust(8)
Class A Common Stock08/14/2026S(1)626D$203.04(5)57,483IBy Pension Trust(8)
Class A Common Stock08/14/2026S(1)1,099D$204.14(6)56,384IBy Pension Trust(8)
Class A Common Stock08/14/2026S(1)52D$20556,332IBy Pension Trust(8)
Class A Common Stock08/17/2026S(1)425D$194.28(9)34,737D
Class A Common Stock08/17/2026S(1)1,182D$195.33(10)33,555D
Class A Common Stock08/17/2026S(1)1,141D$196.08(11)32,414D
Class A Common Stock08/17/2026S(1)556D$196.98(12)31,858D
Class A Common Stock08/17/2026S(1)163D$198.37(13)31,695D
Class A Common Stock08/17/2026S(1)33D$199.0531,662D
Class A Common Stock08/17/2026S(1)196D$194.28(9)14,428IBy Family Trust
Class A Common Stock08/17/2026S(1)539D$195.33(10)13,889IBy Family Trust
Class A Common Stock08/17/2026S(1)522D$196.08(11)13,367IBy Family Trust
Class A Common Stock08/17/2026S(1)254D$196.98(12)13,113IBy Family Trust
Class A Common Stock08/17/2026S(1)74D$198.37(13)13,039IBy Family Trust
Class A Common Stock08/17/2026S(1)15D$199.0513,024IBy Family Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
2. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $199.63 to $200.62, 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.
3. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $200.63 to $201.595, 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.
4. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $201.64 to $202.56, 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.
5. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $202.67 to $203.64, 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.
6. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $203.73 to $204.49, 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.
7. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $200.63 to $201.60, 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.
8. 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.
9. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $193.63 to $194.61, 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.
10. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $194.73 to $195.72, 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.
11. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $195.73 to $196.63, 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.
12. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $196.74 to $197.635, 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.
13. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $197.91 to $198.77, 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.
Remarks:
Due to a 30 line-item limitation in Table I, this is the first of two Forms 4 filed by the Reporting Person on August 18, 2026.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/18/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR