APPFOLIO INC APPF
COM CL A · Common Stock · CUSIP 03783C100 · ISIN US03783C1009
Company that offers SaaS applications for vertical markets
- SectorTechnology
- IndustryServices-Prepackaged Software
- HeadquartersSanta Barbara, CA
- Founded2007
- Websiteappfolioinc.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($13.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $275.25. Options: 10 managers hold calls ($73.4m notional), 9 hold puts ($11.1m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 163 |
| Q4 2022 | 188 |
| Q1 2023 | 194 |
| Q2 2023 | 215 |
| Q3 2023 | 247 |
| Q4 2023 | 296 |
| Q1 2024 | 367 |
| Q2 2024 | 392 |
| Q3 2024 | 386 |
| Q4 2024 | 389 |
| Q1 2025 | 382 |
| Q2 2025 | 387 |
| Q3 2025 | 411 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 169 | 103 |
| Q1 2024 | 231 | 136 |
| Q2 2024 | 210 | 169 |
| Q3 2024 | 205 | 184 |
| Q4 2024 | 182 | 189 |
| Q1 2025 | 200 | 206 |
| Q2 2025 | 177 | 212 |
| Q3 2025 | 206 | 189 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $13.7m | $7.4m | 0.54 |
| Q1 2025 | $16.6m | $7.0m | 0.42 |
| Q2 2025 | $23.5m | $4.0m | 0.17 |
| Q3 2025 | $73.4m | $11.1m | 0.15 |
Biggest buyers
| PRINCIPAL FINANCIAL GROUP INC | Added | +333.9k |
| Hudson Way Capital Management LLC | New | +193.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +116.6k |
| 1832 Asset Management L.P. | New | +88.5k |
| Invesco Ltd. | Added | +81.8k |
| MARSHALL WACE, LLP | Added | +62.1k |
| JPMORGAN CHASE & CO | Added | +59.7k |
| BlackRock, Inc. | Added | +56.9k |
| MILLENNIUM MANAGEMENT LLC | Added | +56.6k |
| VANGUARD GROUP INC | Added | +55.3k |
Biggest sellers
| BROWN CAPITAL MANAGEMENT LLC | Reduced | -236.8k |
| BROWN ADVISORY INC | Reduced | -184.8k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Reduced | -181.5k |
| NEW YORK STATE COMMON RETIREMENT FUND | Reduced | -167.1k |
| MORGAN STANLEY | Reduced | -131.3k |
| ROYAL BANK OF CANADA | Reduced | -110.2k |
| Squarepoint Ops LLC | Reduced | -93.1k |
| Sellaronda Global Management LP | Sold out | -85.0k |
| FMR LLC | Reduced | -79.4k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | Reduced | -70.8k |
Biggest calls
| PEAK6 LLC | New | $26.2m95.0k shares |
| Twin Tree Management, LP | New | $19.5m70.9k shares |
| CITADEL ADVISORS LLC | Added | $11.3m40.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $9.2m33.3k shares |
| JANE STREET GROUP, LLC | Reduced | $3.1m11.2k shares |
| D. E. Shaw & Co., Inc. | New | $2.3m8.5k shares |
| WOLVERINE TRADING, LLC | Reduced | $1.2m4.4k shares |
| TUDOR INVESTMENT CORP ET AL | New | $413.5k1.5k shares |
| Walleye Trading LLC | New | $137.8k500 shares |
| GROUP ONE TRADING LLC | Reduced | $27.6k100 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.4m12.4k shares |
| Twin Tree Management, LP | New | $2.6m9.3k shares |
| CITADEL ADVISORS LLC | Added | $2.4m8.6k shares |
| WOLVERINE TRADING, LLC | Added | $1.4m4.9k shares |
| JANE STREET GROUP, LLC | Reduced | $606.5k2.2k shares |
| Walleye Trading LLC | New | $441.1k1.6k shares |
| CSS LLC/IL | New | $275.7k1.0k shares |
| GROUP ONE TRADING LLC | Reduced | $27.6k100 shares |
| SIMPLEX TRADING, LLC | New | $27.0k100 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| DUCA MAURICE J 13D · may seek influence filed 2026-08-13 | 21.2% |
| Schauser Klaus 13G · exempt (held before listing) filed 2025-11-14 | 11.1% |
| PRINCIPAL GLOBAL INVESTORS 13G · institution +1.3 pts · filed 2026-08-05 | 6.4% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-28 | 6.1% |
| Ashe Capital Management, LP 13G · institution +1.1 pts · filed 2025-08-14 | 5.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.0% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 2 | $2.4m | — |
| Q1 2024 | 0 | — | 5 | $18.6m | $239.1k |
| Q2 2024 | 0 | — | 7 | $43.3m | $2.7m |
| Q3 2024 | 0 | — | 2 | $1.3m | $1.3m |
| Q4 2024 | 0 | — | 4 | $9.9m | $8.6m |
| Q1 2025 | 1 | $2.9m | 2 | $974.6k | $974.6k |
| Q2 2025 | 2 | $5.6m | 3 | $2.5m | $1.2m |
| Q3 2025 | 0 | — | 4 | $3.6m | $1.5m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-15 | Mazza Matthew S Chief Trust Officer | Sold | $453.1k1.6k shares |
| 2025-09-11 | Mazza Matthew S Chief Trust Officer | Sold | $383.0k1.4k shares |
| 2025-09-10 | Trigg William Shane Chief Executive Officer, director | Sold | $1.1m4.0k shares |
| 2025-09-08 | KERR JANET Director · By Trust | Sold plan | $712.6k2.5k shares |
| 2025-08-27 | DUCA MAURICE J 10% owner | Sold plan | $688.9k2.5k shares |
| 2025-08-27 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $330.9k1.2k shares |
| 2025-08-26 | DUCA MAURICE J 10% owner | Sold plan | $689.5k2.5k shares |
| 2025-08-26 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $496.7k1.8k shares |
| 2025-08-25 | DUCA MAURICE J 10% owner | Sold plan | $688.9k2.5k shares |
| 2025-08-25 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $495.9k1.8k shares |
| 2025-08-25 | Eaton Timothy Mathias Chief Financial Officer | Sold | $184.5k667 shares |
| 2025-08-22 | DUCA MAURICE J 10% owner | Sold plan | $689.1k2.5k shares |
| 2025-08-22 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $496.1k1.8k shares |
| 2025-08-15 | Trigg William Shane Chief Executive Officer, director | Sold plan | $798.1k3.0k shares |
| 2025-08-12 | DUCA MAURICE J 10% owner | Sold plan | $688.9k2.5k shares |
| 2025-08-12 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $496.0k1.8k shares |
| 2025-08-12 | DUCA MAURICE J 10% owner · By Pension Trust | Sold plan | $147.3k524 shares |
| 2025-08-11 | DUCA MAURICE J 10% owner | Sold plan | $705.9k2.5k shares |
| 2025-08-11 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $508.2k1.8k shares |
| 2025-08-11 | DUCA MAURICE J 10% owner · By Pension Trust | Sold plan | $367.3k1.3k shares |
| 2025-08-08 | DUCA MAURICE J 10% owner | Sold plan | $716.2k2.5k shares |
| 2025-08-08 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $515.6k1.8k shares |
| 2025-08-08 | DUCA MAURICE J 10% owner · By Pension Trust | Sold plan | $372.3k1.3k shares |
| 2025-08-07 | DUCA MAURICE J 10% owner | Sold plan | $762.5k2.5k shares |
| 2025-08-07 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $549.7k1.8k shares |
| 2025-08-07 | DUCA MAURICE J 10% owner · By Pension Trust | Sold plan | $397.5k1.3k shares |
| 2025-08-06 | DUCA MAURICE J 10% owner | Sold plan | $770.3k2.5k shares |
| 2025-08-06 | DUCA MAURICE J 10% owner · By Family Trust | Sold plan | $554.4k1.8k shares |
| 2025-08-06 | DUCA MAURICE J 10% owner · By Pension Trust | Sold plan | $400.6k1.3k shares |
| 2025-08-05 | DUCA MAURICE J 10% owner | Sold plan | $785.1k2.5k shares |
The latest 30 of 39 trades.
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 2.5m $677.8m | Added +55.3k |
| BlackRock, Inc. 0.01% of their portfolio | 2.4m $665.2m | Added +56.9k |
| Ashe Capital Management, LP 25.87% of their portfolio | 1.3m $367.0m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.16% of their portfolio | 1.2m $321.6m | Added +333.9k |
| STATE STREET CORP 0.01% of their portfolio | 678.1k $186.9m | Reduced -14.1k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.41% of their portfolio | 615.6k $169.7m | Reduced -70.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 571.1k $157.4m | Added +116.6k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.39% of their portfolio | 552.0k $152.2m | Reduced -181.5k |
| GILDER GAGNON HOWE & CO LLC 1.45% of their portfolio | 517.8k $142.7m | Reduced -7.6k |
| FMR LLC 0.01% of their portfolio | 495.0k $136.4m | Reduced -79.4k |
| Nellore Capital Management LLC 14.28% of their portfolio | 475.0k $130.9m | Reduced -31.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 460.9k $127.1m | Added +22.4k |
| DF DENT & CO INC 1.52% of their portfolio | 427.6k $117.9m | Reduced -67.2k |
| Invesco Ltd. 0.02% of their portfolio | 395.7k $109.1m | Added +81.8k |
| BROWN CAPITAL MANAGEMENT LLC 3.88% of their portfolio | 341.9k $94.3m | Reduced -236.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.06% of their portfolio | 317.4k $87.5m | Added +24.6k |
| LONG WALK MANAGEMENT LP 16.07% of their portfolio | 288.5k $79.5m | Added +12.2k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 278.6k $76.8m | Added +12.5k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 245.9k $67.8m | Added +54.7k |
| MORGAN STANLEY 0.00% of their portfolio | 244.2k $67.3m | Reduced -131.3k |
| Caledonia (Private) Investments Pty Ltd 1.02% of their portfolio | 228.0k $62.9m | Reduced -10.9k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 194.1k $53.5m | Added +53.6k |
| Hudson Way Capital Management LLC 4.53% of their portfolio | 193.6k $53.4m | New |
| Bank of New York Mellon Corp 0.01% of their portfolio | 187.3k $51.6m | Reduced -34.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.06% of their portfolio | 164.5k $45.3m | Reduced -64.6k |
| Fiera Capital Corp 0.15% of their portfolio | 162.9k $44.9m | Reduced -3.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 158.2k $43.6m | Reduced -1.5k |
| Insight Holdings Group, LLC 2.60% of their portfolio | 152.6k $42.1m | Unchanged |
| Caisse de depot et placement du Quebec 0.07% of their portfolio | 148.7k $41.0m | Added +38.9k |
| GW&K Investment Management, LLC 0.35% of their portfolio | 143.4k $39.5m | Reduced -22.0k |
| Greenstone Partners & Co., LLC 6.69% of their portfolio | 132.8k $36.6m | Reduced -1.5k |
| JENNISON ASSOCIATES LLC 0.02% of their portfolio | 124.6k $34.3m | Added +34.4k |
| MARSHALL WACE, LLP 0.04% of their portfolio | 119.5k $33.0m | Added +62.1k |
| Ranger Investment Management, L.P. 2.20% of their portfolio | 114.6k $31.6m | Reduced -26.1k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.12% of their portfolio | 111.6k $30.8m | Reduced -19.9k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 108.9k $30.0m | Added +56.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 108.7k $30.0m | Added +59.7k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 108.3k $29.9m | Added +5.7k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 94.1k $25.9m | Reduced -71 |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 88.5k $24.4m | Reduced -56.2k |
| 1832 Asset Management L.P. 0.04% of their portfolio | 88.5k $24.4m | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 84.1k $23.2m | Reduced -110.2k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 68.6k $18.9m | Reduced -63.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 65.3k $18.0m | Reduced -2.4k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 64.0k $17.6m | Reduced -6.4k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 62.5k $17.2m | Reduced -1.5k |
| Nuveen, LLC 0.00% of their portfolio | 58.0k $16.0m | Added +5.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 57.6k $15.9m | Reduced -167.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 56.5k $15.6m | Reduced -38.0k |
| EULAV Asset Management 0.36% of their portfolio | 55.4k $15.3m | Unchanged |
| BLAIR WILLIAM & CO/IL 0.04% of their portfolio | 54.3k $15.0m | Reduced -2.1k |
| UBS Group AG 0.00% of their portfolio | 54.0k $14.9m | Reduced -47.8k |
| Driehaus Capital Management LLC 0.11% of their portfolio | 53.3k $14.7m | New |
| MISSION WEALTH MANAGEMENT, LP 0.28% of their portfolio | 49.2k $13.6m | Added +7.0k |
| Man Group plc 0.02% of their portfolio | 45.1k $12.4m | Reduced -21.6k |
| Atika Capital Management LLC 1.04% of their portfolio | 44.5k $12.3m | Unchanged |
| Creative Planning 0.01% of their portfolio | 42.5k $11.7m | Added +31.8k |
| Swiss National Bank 0.01% of their portfolio | 42.4k $11.7m | Reduced -100 |
| Bridgewater Associates, LP 0.04% of their portfolio | 40.6k $11.2m | New |
| Watchtower Advisors, LP 5.14% of their portfolio | 40.0k $11.0m | Reduced -21.3k |
| BROWN ADVISORY INC 0.01% of their portfolio | 38.1k $10.5m | Reduced -184.8k |
| DANSKE BANK A/S 0.03% of their portfolio | 37.8k $10.4m | Added +37.7k |
| Nicholas Investment Partners, LP 0.79% of their portfolio | 37.3k $10.3m | Added +737 |
| Capital Impact Advisors, LLC 2.18% of their portfolio | 35.4k $9.8m | Added +8.7k |
| Legal & General Group Plc 0.00% of their portfolio | 35.1k $9.7m | Reduced -1.6k |
| TFJ Management, LLC 6.32% of their portfolio | 34.0k $9.4m | Unchanged |
| NATIXIS ADVISORS, LLC 0.01% of their portfolio | 34.0k $9.4m | Added +29 |
| Squarepoint Ops LLC 0.02% of their portfolio | 33.6k $9.3m | Reduced -93.1k |
| Sone Capital Management, LLC 0.76% of their portfolio | 33.1k $9.1m | New |
| Verition Fund Management LLC 0.05% of their portfolio | 33.0k $9.1m | Reduced -2.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 32.7k $9.0m | Reduced -35.8k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 32.7k $9.0m | Reduced -10.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 32.1k $8.9m | Added +1.9k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 31.5k $8.9m | Reduced -8.0k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio | 30.0k $7.2m | New |
| Virtue Capital Management, LLC 0.14% of their portfolio | 28.7k $852.3k | New |
| AXA Investment Managers S.A. 0.02% of their portfolio | 28.1k $7.7m | First filing |
| Retirement Systems of Alabama 0.03% of their portfolio | 27.7k $7.6m | Reduced -516 |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 27.0k $7.4m | Added +26.1k |
| Jump Financial, LLC 0.09% of their portfolio | 26.1k $7.2m | New |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 25.8k $7.1m | Added +17.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 24.3k $6.7m | Reduced -37.8k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 24.2k $6.7m | Added +18.8k |
| ZEVENBERGEN CAPITAL INVESTMENTS LLC 0.13% of their portfolio | 23.8k $6.6m | Added +3.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 23.3k $6.4m | Reduced -2.3k |
| Quantinno Capital Management LP 0.02% of their portfolio | 22.9k $6.3m | Added +1.0k |
| BARCLAYS PLC 0.00% of their portfolio | 21.6k $6.0m | Added +10.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 20.7k $5.7m | Reduced -635 |
| INTECH INVESTMENT MANAGEMENT LLC 0.05% of their portfolio | 20.3k $5.6m | Added +11.9k |
| LIGHT STREET CAPITAL MANAGEMENT, LLC 0.93% of their portfolio | 20.0k $5.5m | New |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 20.0k $5.5m | Added +18.1k |
| Advisors Capital Management, LLC 0.07% of their portfolio | 19.6k $5.4m | Added +349 |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 18.4k $5.1m | Reduced -3.2k |
| Alamar Capital Management, LLC 2.65% of their portfolio | 18.2k $5.0m | Reduced -110 |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 17.7k $4.9m | Added +894 |
| TUDOR INVESTMENT CORP ET AL 0.03% of their portfolio | 17.0k $4.7m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 17.0k $4.7m | Reduced -761 |
| CHANNEL WEALTH LLC 1.22% of their portfolio | 16.5k $4.6m | Reduced -13 |
| Baker Avenue Asset Management, LP 0.11% of their portfolio | 16.2k $4.5m | Reduced -286 |
| CITIGROUP INC 0.00% of their portfolio | 15.6k $4.3m | Added +9.1k |