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  4. [Form 4] APPFOLIO INC Insider Trading Activity

AppFolio (APPF) major holder Duca sells 15,958 shares via 10b5-1

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

Rhea-AI Filing Summary

AppFolio Inc. major shareholder Maurice J. Duca reported open‑market sales of 15,958 Class A Common shares of APPF on August 10–11, 2026. The trades, including sales by a family trust and a pension trust where he is sole trustee without pecuniary interest, were made under a Rule 10b5‑1 trading plan adopted March 13, 2026, at weighted‑average prices across ranges from the high $195s to just above $203 per share.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 15,958 shs ($3.18M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F9 97 $195.72 $19K
Sale Class A Common Stock F1, F10 97 $196.49 $19K
Sale Class A Common Stock F1, F11 131 $197.87 $26K
Sale Class A Common Stock F1, F12 296 $199.39 $59K
Sale Class A Common Stock F1, F13 1,108 $200.70 $222K
Sale Class A Common Stock F1, F14 810 $201.65 $163K
Sale Class A Common Stock F1, F15 961 $202.65 $195K
Sale Class A Common Stock F1, F9 45 $195.72 $9K
Sale Class A Common Stock F1, F10 45 $196.49 $9K
Sale Class A Common Stock F1, F11 60 $197.87 $12K
Sale Class A Common Stock F1, F12 135 $199.39 $27K
Sale Class A Common Stock F1, F16 505 $200.70 $101K
Sale Class A Common Stock F1, F14 370 $201.65 $75K
Sale Class A Common Stock F1, F15 440 $202.65 $89K
Sale Class A Common Stock F1, F9, F8 158 $195.72 $31K
Sale Class A Common Stock F1, F2 229 $195.57 $45K
Sale Class A Common Stock F1, F3 327 $196.80 $64K
Sale Class A Common Stock F1, F4 916 $197.97 $181K
Sale Class A Common Stock F1, F5 1,102 $198.88 $219K
Sale Class A Common Stock F1, F6 926 $199.62 $185K
Sale Class A Common Stock F1, F2 104 $195.57 $20K
Sale Class A Common Stock F1, F7 146 $196.80 $29K
Sale Class A Common Stock F1, F4 419 $197.97 $83K
Sale Class A Common Stock F1, F5 507 $198.88 $101K
Sale Class A Common Stock F1, F6 424 $199.62 $85K
Sale Class A Common Stock F1, F2, F8 367 $195.57 $72K
Sale Class A Common Stock F1, F3, F8 527 $196.80 $104K
Sale Class A Common Stock F1, F4, F8 1,465 $197.97 $290K
Sale Class A Common Stock F1, F5, F8 1,760 $198.88 $350K
Sale Class A Common Stock F1, F6, F8 1,481 $199.62 $296K
Holdings After Transaction: Class A Common Stock — 45,662 shares (Direct); Class A Common Stock — 19,424 shares (Indirect, By Family Trust); Class A Common Stock — 78,574 shares (Indirect, By Pension Trust)
Footnotes (16)
  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 $195.065 to $195.87, 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 $196.14 to $197.11, 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 $197.32 to $198.30, 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 $198.42 to $199.405, 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 $199.42 to $199.94, 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.
  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 $196.16 to $197.11, 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 $195.22 to $196.15, 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 $196.31 to $196.66, 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.
  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 $197.58 to $198.51, 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.
  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 $198.925 to $199.62, 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.
  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 $200.10 to $201.08, 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.
  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 $201.16 to $202.14, 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.
  15. F15. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $202.17 to $203.02, 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.
  16. F16. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $200.10 to $201.06, 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 15,958 shares Total Class A Common Stock sold across all reported transactions
Number of sale transactions 30 transactions Total reported non-derivative sale line items
Lowest price range bound $195.065 per share Lowest price in the disclosed weighted-average ranges (footnote F2)
Highest price range bound $203.02 per share Highest price in the disclosed weighted-average ranges (footnote F15)
10b5-1 plan adoption date March 13, 2026 Date Duca adopted the Rule 10b5-1 trading plan governing these sales
Direct share sales (count) 15 transactions Sales reported with direct ownership (code D)
Indirect share sales (count) 15 transactions Sales reported with indirect ownership via family and pension trusts
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."
pension trust financial
"These shares of Class A Common Stock are held by a pension trust of which the Reporting Person is the sole trustee"
family trust financial
"nature_of_ownership: By Family Trust"

FAQ

What did APPF insider Maurice J. Duca report in this Form 4?
Maurice J. Duca reported sales of 15,958 shares of AppFolio Class A Common Stock on August 10–11, 2026. The sales occurred in multiple open‑market transactions at various weighted‑average prices and included shares held directly and through related trusts.

Over what dates did APPF’s insider share sales occur?
The reported APPF insider transactions occurred on August 10 and 11, 2026. Across those two trading days, multiple open‑market sale tranches were executed at different price ranges, all disclosed as part of a pre‑established Rule 10b5‑1 trading plan.

How many APPF shares did Maurice J. Duca sell and at what prices?
Entities associated with Maurice J. Duca sold 15,958 APPF shares in total. Weighted‑average sale prices for the tranches fell within ranges from about $195.065 per share up to approximately $203.02 per share, as detailed in multiple transaction‑specific footnotes.

Were the APPF insider sales made under a Rule 10b5-1 trading plan?
Yes. A footnote states the sales were made pursuant to a Rule 10b5‑1 trading plan adopted by Maurice J. Duca on March 13, 2026. Such pre‑arranged plans systematically schedule trades, reducing the significance of day‑to‑day timing decisions.

Did the APPF insider have pecuniary interest in all the reported shares?
No. For shares held by a pension trust, a footnote explains Duca is sole trustee with sole voting and dispositive power but has no pecuniary interest in those shares. Other reported sales involve his direct holdings and a related family trust.

What types of APPF ownership entities were involved in these sales?
The transactions involve direct holdings, a family trust, and a pension trust. The family trust sales are reported as indirect ownership, while pension trust sales are attributed to Duca as trustee, with disclosed absence of pecuniary interest in those pension trust shares.

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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)
08/10/2026		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 Stock08/10/2026S(1)229D$195.57(2)52,433D
Class A Common Stock08/10/2026S(1)327D$196.8(3)52,106D
Class A Common Stock08/10/2026S(1)916D$197.97(4)51,190D
Class A Common Stock08/10/2026S(1)1,102D$198.88(5)50,088D
Class A Common Stock08/10/2026S(1)926D$199.62(6)49,162D
Class A Common Stock08/10/2026S(1)104D$195.57(2)22,520IBy Family Trust
Class A Common Stock08/10/2026S(1)146D$196.8(7)22,374IBy Family Trust
Class A Common Stock08/10/2026S(1)419D$197.97(4)21,955IBy Family Trust
Class A Common Stock08/10/2026S(1)507D$198.88(5)21,448IBy Family Trust
Class A Common Stock08/10/2026S(1)424D$199.62(6)21,024IBy Family Trust
Class A Common Stock08/10/2026S(1)367D$195.57(2)83,965IBy Pension Trust(8)
Class A Common Stock08/10/2026S(1)527D$196.8(3)83,438IBy Pension Trust(8)
Class A Common Stock08/10/2026S(1)1,465D$197.97(4)81,973IBy Pension Trust(8)
Class A Common Stock08/10/2026S(1)1,760D$198.88(5)80,213IBy Pension Trust(8)
Class A Common Stock08/10/2026S(1)1,481D$199.62(6)78,732IBy Pension Trust(8)
Class A Common Stock08/11/2026S(1)97D$195.72(9)49,065D
Class A Common Stock08/11/2026S(1)97D$196.49(10)48,968D
Class A Common Stock08/11/2026S(1)131D$197.87(11)48,837D
Class A Common Stock08/11/2026S(1)296D$199.39(12)48,541D
Class A Common Stock08/11/2026S(1)1,108D$200.7(13)47,433D
Class A Common Stock08/11/2026S(1)810D$201.65(14)46,623D
Class A Common Stock08/11/2026S(1)961D$202.65(15)45,662D
Class A Common Stock08/11/2026S(1)45D$195.72(9)20,979IBy Family Trust
Class A Common Stock08/11/2026S(1)45D$196.49(10)20,934IBy Family Trust
Class A Common Stock08/11/2026S(1)60D$197.87(11)20,874IBy Family Trust
Class A Common Stock08/11/2026S(1)135D$199.39(12)20,739IBy Family Trust
Class A Common Stock08/11/2026S(1)505D$200.7(16)20,234IBy Family Trust
Class A Common Stock08/11/2026S(1)370D$201.65(14)19,864IBy Family Trust
Class A Common Stock08/11/2026S(1)440D$202.65(15)19,424IBy Family Trust
Class A Common Stock08/11/2026S(1)158D$195.72(9)78,574IBy Pension Trust(8)
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 $195.065 to $195.87, 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 $196.14 to $197.11, 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 $197.32 to $198.30, 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 $198.42 to $199.405, 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 $199.42 to $199.94, 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.
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 $196.16 to $197.11, 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 $195.22 to $196.15, 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 $196.31 to $196.66, 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.
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 $197.58 to $198.51, 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.
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 $198.925 to $199.62, 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.
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 $200.10 to $201.08, 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.
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 $201.16 to $202.14, 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.
15. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $202.17 to $203.02, 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.
16. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $200.10 to $201.06, 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 12, 2026.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/12/2026
** 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