AppLovin (NASDAQ:APP) Director Sells $1,790,355.04 in Stock

AppLovin Corporation (NASDAQ:APP) Director Maynard Webb, Jr. sold 3,076 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the sale, the director owned 123,520 shares of the company’s stock, valued at $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

AppLovin Stock Performance

APP stock traded down $1.67 during mid-day trading on Friday, reaching $557.20. 5,529,843 shares of the stock traded hands, compared to its average volume of 5,504,346. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The business has a 50-day moving average of $468.02 and a two-hundred day moving average of $521.18. The firm has a market capitalization of $187.19 billion, a PE ratio of 47.87, a P/E/G ratio of 0.93 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the company earned $1.67 earnings per share. The business’s quarterly revenue was up 58.9% compared to the same quarter last year. As a group, equities analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp raised its position in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC raised its position in AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after purchasing an additional 4,063,763 shares in the last quarter. Norges Bank acquired a new position in AppLovin in the fourth quarter worth about $2,040,321,000. Finally, Capital Research Global Investors acquired a new position in AppLovin in the third quarter worth about $743,899,000. Institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on APP. Scotiabank upped their price target on shares of AppLovin from $750.00 to $775.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. The Goldman Sachs Group reduced their target price on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Jefferies Financial Group reduced their target price on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Wells Fargo & Company increased their target price on shares of AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.