AppFolio (APPF) 10% Owner Maurice Duca Sells Shares

What Happened
Maurice J. Duca, a reported 10% owner of AppFolio, sold a total of 5,809 shares of AppFolio Class A common stock in multiple open‑market transactions on August 7, 2026. The proceeds from these sales totaled approximately $1,152,749 (~$1.15M). Individual tranches ranged from 30 to 1,263 shares, with reported per‑share prices (weighted averages for tranches) in the roughly $194.94–$203.75 range. These sales were made pursuant to a 10b5‑1 trading plan adopted March 13, 2026, and therefore are pre‑arranged dispositions rather than ad‑hoc sales.

Key Details

• Transaction date: August 7, 2026; Form filed Aug 10, 2026 (timely filing).
• Total sold: 5,809 shares for ~$1,152,749.
• Price details: multiple tranches with weighted‑average prices; filing footnotes report tranche ranges approx. $194.94 to $203.75 (see filing footnotes F2–F4, F5–F13 for specifics).
• Method: Open market sales under a preexisting 10b5‑1 plan (footnote F1).
• Shares owned after transaction: Not specified in the provided excerpt of the Form 4.
• Ownership context: The filer is a 10% owner and managing member of several entities that hold Class A shares (footnotes F6, F13–F16), and some holdings are disclaimed as not personally pecuniary.

Context
These were sales, not purchases — sales under an established 10b5‑1 plan are commonly used to systematically liquidate holdings and do not necessarily indicate a change in the insider’s view of the company. Because the reporting person is a 10% owner and uses entities/trusts to hold shares, some holdings are subject to voting/dispositive power clarifications and disclaimers in the filing. The filing notes this Form 4 is the second of two filed on Aug 10, 2026 due to a line‑item limit.