AppLovin (NASDAQ:APP) Shares Down 0.7% After Insider Selling

Shares of AppLovin Co. (NASDAQ:APP - Get Free Report) dropped 0.7% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $359.26 and last traded at $363.95. Approximately 1,756,956 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 6,004,828 shares. The stock had previously closed at $366.61.

Specifically, Director Dawson Alyssa Harvey sold 570 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $371.12, for a total transaction of $211,538.40. Following the completion of the sale, the director now owns 6,231 shares in the company, valued at $2,312,448.72. This trade represents a 8.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Herald Y. Chen sold 28,580 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $365.84, for a total transaction of $10,455,707.20. Following the transaction, the director now directly owns 171,420 shares of the company's stock, valued at $62,712,292.80. The trade was a 14.29% decrease in their position. The disclosure for this sale can be found here. In related news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $372.65, for a total transaction of $74,530,000.00. Following the completion of the transaction, the director now owns 221,209 shares of the company's stock, valued at approximately $82,433,533.85. This trade represents a 47.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Oppenheimer reissued an "outperform" rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Monday, April 21st. Morgan Stanley lifted their price target on shares of AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Piper Sandler lifted their price objective on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Finally, FBN Securities assumed coverage on shares of AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $433.85.

AppLovin Price Performance

The company has a market cap of $123.28 billion, a price-to-earnings ratio of 80.17, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a fifty day moving average price of $283.05 and a two-hundred day moving average price of $316.16. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the prior year, the company posted $0.67 EPS. The business's revenue was up 40.3% on a year-over-year basis. As a group, equities research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Institutional Investors Weigh In On AppLovin

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. FMR LLC boosted its stake in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. SVB Wealth LLC bought a new position in AppLovin in the fourth quarter valued at approximately $1,781,922,000. Finally, Baillie Gifford & Co. boosted its stake in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

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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