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William Shane Trigg, CEO and Director of AppFolio Inc. (NASDAQ:APPF), has sold a significant portion of his holdings in the company, according to a recent SEC filing. The sale comes as AppFolio's stock trades near its 52-week high, having delivered impressive returns of over 48% year-to-date and 40% over the past year. On December 6, Trigg sold a total of 4,145 shares of Class A Common Stock, amounting to approximately $1.09 million. The sales were executed at prices ranging from $260.06 to $264.69 per share.
Following these transactions, Trigg's direct ownership of AppFolio shares stands at 73,682. These transactions were part of multiple trades, with the prices reflecting weighted averages for the cumulative trades.
In other recent news, AppFolio Inc. reported robust growth in its third quarter of 2024, with a 24% year-over-year revenue surge to $206 million. The company's non-GAAP operating margin also expanded significantly to 28.7%. Following these results, AppFolio raised its full-year revenue guidance to between $786 million and $790 million, anticipating a 27% growth rate.
In parallel, AppLovin (NASDAQ:APP) and The Trade Desk Inc . (NASDAQ:TTD) experienced declines in their shares after not being included in the latest S&P 500 Index rebalance. AppLovin's stock fell sharply by 11%, while The Trade Desk saw a more modest drop of 1.6%.
Additionally, Stephens, a financial services firm, maintained its Overweight rating on AppFolio with a steady price target of $295.00. The firm noted that AppFolio's recent top-line results exceeded expectations, and the fourth quarter of 2024 is now forecasted to be strong, with revenue guidance surpassing consensus estimates. These are the recent developments that have been shaping the market dynamics for these companies.
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