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  4. [Form 4] APPFOLIO INC Insider Trading Activity

AppFolio (APPF) 10% owner sells 13,066 shares under 10b5-1 plan

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

Rhea-AI Filing Summary

AppFolio Inc. 10% owner Maurice J. Duca reported selling 13,066 shares of Class A Common Stock in 30 sale transactions on August 4–5, 2026. The sales, including those by family and pension trusts, were made under a Rule 10b5-1 trading plan adopted on March 13, 2026, at weighted-average prices within disclosed ranges between $189.07 and $199.59 per share. Pension-trust shares are held with sole voting and dispositive power but without pecuniary interest, and this report is the first of two Forms 4 due to table line limits.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 13,066 shs ($2.54M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F12 1,278 $193.12 $247K
Sale Class A Common Stock F1, F13 944 $193.97 $183K
Sale Class A Common Stock F1, F14 144 $194.85 $28K
Sale Class A Common Stock F1, F2 66 $189.29 $12K
Sale Class A Common Stock F1, F3 689 $192.01 $132K
Sale Class A Common Stock F1, F4 396 $193.14 $76K
Sale Class A Common Stock F1, F5 229 $193.87 $44K
Sale Class A Common Stock F1, F6 676 $195.35 $132K
Sale Class A Common Stock F1, F7 722 $196.28 $142K
Sale Class A Common Stock F1, F8 296 $197.35 $58K
Sale Class A Common Stock F1, F9 196 $198.27 $39K
Sale Class A Common Stock F1, F10 230 $199.44 $46K
Sale Class A Common Stock F1, F2 30 $189.29 $6K
Sale Class A Common Stock F1, F3 316 $192.01 $61K
Sale Class A Common Stock F1, F4 178 $193.14 $34K
Sale Class A Common Stock F1, F5 105 $193.87 $20K
Sale Class A Common Stock F1, F6 311 $195.35 $61K
Sale Class A Common Stock F1, F7 329 $196.28 $65K
Sale Class A Common Stock F1, F8 135 $197.35 $27K
Sale Class A Common Stock F1, F9 91 $198.28 $18K
Sale Class A Common Stock F1, F10 105 $199.44 $21K
Sale Class A Common Stock F1, F2, F11 104 $189.29 $20K
Sale Class A Common Stock F1, F3, F11 1,095 $192.01 $210K
Sale Class A Common Stock F1, F4, F11 626 $193.14 $121K
Sale Class A Common Stock F1, F5, F11 366 $193.87 $71K
Sale Class A Common Stock F1, F6, F11 1,113 $195.34 $217K
Sale Class A Common Stock F1, F7, F11 1,149 $196.28 $226K
Sale Class A Common Stock F1, F8, F11 469 $197.35 $93K
Sale Class A Common Stock F1, F9, F11 313 $198.28 $62K
Sale Class A Common Stock F1, F10, F11 365 $199.44 $73K
Holdings After Transaction: Class A Common Stock — 27,424 shares (Indirect, By Family Trust); Class A Common Stock — 101,132 shares (Indirect, By Pension Trust); Class A Common Stock — 60,796 shares (Direct)
Footnotes (14)
  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 $189.07 to $189.51, 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 $191.44 to $192.43, 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 $192.59 to $193.55, 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 $193.68 to $194.19, 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 $194.88 to $195.84, 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.
  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 $195.94 to $196.73, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $197.06 to $197.66, 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.
  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 $198.07 to $198.73, 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 $199.07 to $199.59, 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. 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.
  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 $192.58 to $193.57, 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 $193.58 to $194.53, 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.
  14. F14. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $194.70 to $195.66, 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.
Shares sold 13,066 shares Total Class A Common Stock sold across all reported transactions
Number of sale transactions 30 transactions Aggregate count of non-derivative sale line items reported
Sale price range $189.07–$199.59 per share Weighted-average price ranges disclosed in sale footnotes
Largest direct sale 1,278 shares at $193.12 Direct Class A Common Stock sale on 2026-08-05
Largest pension trust sale 1,149 shares at $196.28 Indirect sale by pension trust on 2026-08-04
10b5-1 plan adoption date March 13, 2026 Date the Rule 10b5-1 trading plan governing these sales was adopted
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 shares"
dispositive power financial
"possesses sole voting and sole dispositive power over these 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.
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.

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FAQ

What insider activity did AppFolio (APPF) disclose in Maurice J. Duca's Form 4?
Maurice J. Duca, a 10% owner of AppFolio (APPF), reported selling 13,066 shares of Class A Common Stock in 30 sale transactions on August 4–5, 2026 under a pre-established Rule 10b5-1 trading plan covering both direct and trust-held positions.

How many AppFolio (APPF) shares did Maurice J. Duca sell and at what price ranges?
Across all reported transactions, Maurice J. Duca sold 13,066 Class A shares of AppFolio (APPF). Footnotes state the weighted-average sale prices fell within ranges between $189.07 and $199.59 per share, reflecting numerous trades executed within those disclosed intervals.

Were Maurice J. Duca's AppFolio (APPF) sales made under a Rule 10b5-1 trading plan?
Yes. The filing notes that all reported sales were made pursuant to a Rule 10b5-1 trading plan previously adopted by Maurice J. Duca on March 13, 2026, indicating the trades followed a pre-arranged schedule rather than being discretionary market-timing decisions.

Which entities or accounts executed the AppFolio (APPF) share sales for Maurice J. Duca?
Sales involved direct holdings, a family trust, and a pension trust. The filing specifies that pension-trust shares are held by Duca as sole trustee with sole voting and dispositive power, while he has no pecuniary interest in those particular shares.

What does the Form 4 say about Maurice J. Duca's pecuniary interest in pension-trust AppFolio (APPF) shares?
For the pension trust, Duca is described as sole trustee with sole voting and dispositive power over the AppFolio Class A shares, but the disclosure states he does not possess any pecuniary interest in those shares, even though related sales are reported.
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)
08/04/2026		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 Stock08/04/2026S(1)66D$189.29(2)66,596D
Class A Common Stock08/04/2026S(1)689D$192.01(3)65,907D
Class A Common Stock08/04/2026S(1)396D$193.14(4)65,511D
Class A Common Stock08/04/2026S(1)229D$193.87(5)65,282D
Class A Common Stock08/04/2026S(1)676D$195.35(6)64,606D
Class A Common Stock08/04/2026S(1)722D$196.28(7)63,884D
Class A Common Stock08/04/2026S(1)296D$197.35(8)63,588D
Class A Common Stock08/04/2026S(1)196D$198.27(9)63,392D
Class A Common Stock08/04/2026S(1)230D$199.44(10)63,162D
Class A Common Stock08/04/2026S(1)30D$189.29(2)28,994IBy Family Trust
Class A Common Stock08/04/2026S(1)316D$192.01(3)28,678IBy Family Trust
Class A Common Stock08/04/2026S(1)178D$193.14(4)28,500IBy Family Trust
Class A Common Stock08/04/2026S(1)105D$193.87(5)28,395IBy Family Trust
Class A Common Stock08/04/2026S(1)311D$195.35(6)28,084IBy Family Trust
Class A Common Stock08/04/2026S(1)329D$196.28(7)27,755IBy Family Trust
Class A Common Stock08/04/2026S(1)135D$197.35(8)27,620IBy Family Trust
Class A Common Stock08/04/2026S(1)91D$198.28(9)27,529IBy Family Trust
Class A Common Stock08/04/2026S(1)105D$199.44(10)27,424IBy Family Trust
Class A Common Stock08/04/2026S(1)104D$189.29(2)106,628IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)1,095D$192.01(3)105,533IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)626D$193.14(4)104,907IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)366D$193.87(5)104,541IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)1,113D$195.34(6)103,428IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)1,149D$196.28(7)102,279IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)469D$197.35(8)101,810IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)313D$198.28(9)101,497IBy Pension Trust(11)
Class A Common Stock08/04/2026S(1)365D$199.44(10)101,132IBy Pension Trust(11)
Class A Common Stock08/05/2026S(1)1,278D$193.12(12)61,884D
Class A Common Stock08/05/2026S(1)944D$193.97(13)60,940D
Class A Common Stock08/05/2026S(1)144D$194.85(14)60,796D
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 $189.07 to $189.51, 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 $191.44 to $192.43, 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 $192.59 to $193.55, 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 $193.68 to $194.19, 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 $194.88 to $195.84, 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.
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 $195.94 to $196.73, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $197.06 to $197.66, 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.
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 $198.07 to $198.73, 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 $199.07 to $199.59, 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. 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.
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 $192.58 to $193.57, 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 $193.58 to $194.53, 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.
14. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $194.70 to $195.66, 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.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/06/2026
** 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