DUCA MAURICE J 4
4 · APPFOLIO INC · Filed Jul 9, 2026
Research Summary
AI-generated summary of this filing
AppFolio (APPF) 10% Owner Maurice J. Duca Sells Shares
What Happened
Maurice J. Duca, a reported 10% owner of AppFolio, sold a total of 10,700 shares of AppFolio Class A common stock in three open-market transactions on July 7, 2026, generating approximately $1,929,626. The individual lots reported were: 3,500 shares at $180.38 ($631,330); 1,600 shares at $180.00 ($288,000); and 5,600 shares at a weighted average $180.41 ($1,010,296). All transactions are reported as sales (code S) and were made pursuant to a 10b5-1 trading plan adopted March 13, 2026.
Key Details
- Transaction date: July 7, 2026; Form 4 filed July 9, 2026 (appears timely—filed within two business days).
- Reported prices/ranges: weighted averages shown per lot; shares were sold in multiple executions at prices ranging roughly $180.00–$180.90 (filing offers to provide per-price breakdown on request).
- Total shares sold: 10,700; total proceeds ≈ $1,929,626.
- Shares owned after transaction: not specified in the excerpt of the filing provided.
- Notable footnotes: F1 confirms sales pursuant to a 10b5-1 plan (prearranged trading program). Additional footnotes (F4–F8) note certain Class A shares are held in trusts or LLCs where Duca is trustee or managing member and disclaims pecuniary ownership in some of those holdings.
- Transaction code: S = Sale.
Context
Trades executed under a 10b5-1 plan are pre-scheduled and are often used for routine liquidity or diversification; they do not necessarily indicate a change in the insider’s view of the company. For retail investors, purchases by insiders tend to be more informative than routine sales; note that as a 10% owner, some holdings and transactions may reflect institutional/trust structures rather than straightforward personal trading.
Insider Transaction Report
- Sale
Class A Common Stock
[F1][F2]2026-07-07$180.38/sh−3,500$631,330→ 92,505 total - Sale
Class A Common Stock
[F1]2026-07-07$180.00/sh−1,600$288,000→ 42,400 total(indirect: By Trust) - Sale
Class A Common Stock
[F1][F3][F4]2026-07-07$180.41/sh−5,600$1,010,296→ 147,900 total(indirect: By Trust)
- 26,667(indirect: By LLC)
Class A Common Stock
[F5] - 142,857(indirect: By LLC)
Class A Common Stock
[F6] - 9,805(indirect: By LLC)
Class A Common Stock
[F7] - 7,022(indirect: By Trust)
Class A Common Stock
[F8]
Footnotes (8)
- [F1]Sales made pursuant to a 10(b)5-1 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 $180.00 to $180.84, 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.
- [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 $180.00 to $180.90, 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]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.
- [F5]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.
- [F6]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.
- [F7]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.
- [F8]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.