Maurice J. Duca, a 10% owner of AppFolio Inc. (NASDAQ:APPF), filed a Form 4 on November 6, 2026, disclosing sales of Class A Common Stock across six transactions on November 4 and 5, 2026, executed under a previously adopted Rule 10b5-1 trading plan.

Key Highlights

  • 10b5-1 plan: All sales were made pursuant to a trading plan adopted by Duca on March 13, 2026.
  • Direct shares sold (Nov. 4): 2,200 shares at a weighted average price of $240.12, leaving 28,805 shares directly held.
  • Family Trust shares sold (Nov. 4): 1,600 shares at $240, leaving 6,400 shares held by the Family Trust.
  • Pension Trust shares sold (Nov. 4): 2,200 shares at a weighted average price of $240.08, leaving 29,300 shares held by the Pension Trust.
  • Direct shares sold (Nov. 5): 1,600 shares at a weighted average price of $240.14, leaving 27,205 shares directly held.
  • Family Trust shares sold (Nov. 5): 1,600 shares at $240, leaving 4,800 shares held by the Family Trust.
  • Pension Trust shares sold (Nov. 5): 1,600 shares at a weighted average price of $240.15, leaving 27,700 shares held by the Pension Trust.

Duca's Nov. 4-5 AppFolio Share Sales Across Multiple Accounts

According to the filing, Duca disposed of Class A Common Stock in six separate transactions spanning two trading days. On November 4, 2026, he sold 2,200 shares directly at a weighted average of $240.12, with individual transaction prices ranging from $240.00 to $240.92. That same day, 1,600 shares held by his Family Trust were sold at $240, and 2,200 shares held by a Pension Trust were sold at a weighted average of $240.08, with prices ranging from $240.00 to $240.56.

On November 5, 2026, the filing reports three additional sales: 1,600 direct shares at a weighted average of $240.14 (prices from $240.00 to $240.59), 1,600 Family Trust shares at $240, and 1,600 Pension Trust shares at a weighted average of $240.15 (prices from $240.00 to $240.85). The filing notes that Duca is the sole trustee of the Pension Trust and holds sole voting and dispositive power over those shares, but "does not possess any pecuniary interest" in them.

Beyond the sold positions, the filing discloses that Duca holds shares indirectly through several entities: 26,667 shares via IGSB Cardinal I, LLC; 142,857 shares via IGSB Gaucho Fund I, LLC; 9,805 shares via IGSB Cardinal Core BV, LLC; and 7,022 shares via a Charitable Remainder Trust. The filing states Duca disclaims beneficial ownership of shares held through the LLC entities and the Charitable Remainder Trust, except to the extent of any pecuniary interest he may have in each.

What Was Disclosed

Maurice J. Duca, a 10% owner of AppFolio Inc., reported the sale of 10,800 total Class A Common Stock shares across six transactions on November 4-5, 2026, all conducted under a Rule 10b5-1 plan adopted March 13, 2026, at prices clustered near $240 per share.