AppLovin Corporation (NASDAQ:APP) Director Sells $21,716,784.00 in Stock

Key Points

• AppLovin Corporation's Director, Herald Y. Chen, sold $21.7 million worth of stock, comprising 49,800 shares, resulting in a 26.24% decrease in his ownership.
• AppLovin reported $2.26 EPS for the last quarter, surpassing estimates, but its revenue of $1.26 billion fell short of expectations of $1.37 billion.
• Several analysts have increased their price targets for AppLovin, with estimates ranging from $435.00 to $620.00, reflecting a consensus target of $472.33.

AppLovin Corporation (NASDAQ:APP - Get Free Report) Director Herald Y. Chen sold 49,800 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $436.08, for a total transaction of $21,716,784.00. Following the completion of the transaction, the director owned 140,000 shares of the company's stock, valued at approximately $61,051,200. The trade was a 26.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

AppLovin Stock Down 0.0%

AppLovin stock traded down $0.14 during midday trading on Monday, hitting $438.54. 2,710,445 shares of the company's stock were exchanged, compared to its average volume of 6,043,302. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a 12 month low of $82.51 and a 12 month high of $525.15. The firm has a 50-day moving average of $370.82 and a two-hundred day moving average of $342.91. The company has a market cap of $148.34 billion, a PE ratio of 63.49, a P/E/G ratio of 2.45 and a beta of 2.43.

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

Institutional Trading of AppLovin

Hedge funds have recently modified their holdings of the company. Avestar Capital LLC raised its position in shares of AppLovin by 2.1% in the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company's stock valued at $391,000 after purchasing an additional 23 shares during the last quarter. Forum Financial Management LP raised its position in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after purchasing an additional 33 shares during the last quarter. Vestcor Inc raised its position in shares of AppLovin by 0.8% in the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after purchasing an additional 33 shares during the last quarter. RWA Wealth Partners LLC raised its position in AppLovin by 0.4% during the 2nd quarter. RWA Wealth Partners LLC now owns 7,680 shares of the company's stock worth $2,689,000 after buying an additional 33 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in AppLovin by 0.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,431 shares of the company's stock worth $1,551,000 after buying an additional 33 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on APP. Wedbush reiterated an "outperform" rating and issued a $620.00 price target on shares of AppLovin in a research report on Thursday, August 7th. Morgan Stanley boosted their target price on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. The Goldman Sachs Group upped their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Wells Fargo & Company upped their price target on shares of AppLovin from $405.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Piper Sandler upped their price target on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $472.33.

About AppLovin

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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