AppLovin Corporation (NASDAQ:APP) Director Herald Y. Chen Sells 200,000 Shares

Key Points

• AppLovin Corporation Director Herald Y. Chen sold 200,000 shares of the company's stock for approximately $86.5 million, reducing their ownership by 52.37%.
• The company reported earnings of $2.26 per share, beating analyst estimates but fell short on revenue, posting $1.26 billion compared to anticipated $1.37 billion.
• Institutional investors have shown significant interest in AppLovin, with Norges Bank purchasing a new position valued at approximately $951.5 million in the second quarter.

AppLovin Corporation (NASDAQ:APP - Get Free Report) Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the sale, the director owned 181,929 shares in the company, valued at approximately $78,682,473.21. This trade represents a 52.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

AppLovin Trading Down 0.0%

Shares of AppLovin stock traded down $0.14 during trading hours on Monday, reaching $438.54. The stock had a trading volume of 2,710,445 shares, compared to its average volume of 6,043,302. AppLovin Corporation has a 1 year low of $82.51 and a 1 year high of $525.15. The firm has a 50 day simple moving average of $370.82 and a two-hundred day simple moving average of $342.91. The firm has a market capitalization of $148.34 billion, a price-to-earnings ratio of 63.49, a P/E/G ratio of 2.45 and a beta of 2.43. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company posted $0.89 EPS. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. As a group, equities research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Institutional Investors Weigh In On AppLovin

Several institutional investors and hedge funds have recently bought and sold shares of APP. Norges Bank bought a new position in AppLovin in the 2nd quarter valued at about $951,541,000. Dynasty Wealth Management LLC increased its stake in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after acquiring an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Capital World Investors acquired a new position in AppLovin during the fourth quarter worth about $421,470,000. Finally, Vanguard Group Inc. boosted its position in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. HSBC set a $436.00 price target on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. BTIG Research lifted their target price on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Piper Sandler upped their target price on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Finally, Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $472.33.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.

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