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 stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the transaction, the director directly owned 123,520 shares of the company’s stock, valued at $71,893,580.80. This trade represents a 2.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

AppLovin Price Performance

NASDAQ:APP traded down $1.67 during mid-day trading on Friday, hitting $557.20. The company’s stock had a trading volume of 5,529,843 shares, compared to its average volume of 5,504,346. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $187.19 billion, a price-to-earnings ratio of 47.87, a P/E/G ratio of 0.93 and a beta of 2.45. The stock has a fifty day moving average of $468.02 and a 200-day moving average of $521.18.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on APP. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of AppLovin in a report on Thursday, May 28th. Wedbush reaffirmed an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a report on Friday, March 6th. Finally, Argus began coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $664.35.

Institutional Trading of AppLovin

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CBIZ Investment Advisory Services LLC grew its holdings in shares of AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 17 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its holdings in shares of AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after purchasing an additional 18 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of AppLovin by 5.7% in the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after purchasing an additional 18 shares during the last quarter. Claro Advisors LLC grew its holdings in shares of AppLovin by 3.2% in the third quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after purchasing an additional 20 shares during the last quarter. Finally, Strategic Advocates LLC grew its holdings in shares of AppLovin by 0.8% in the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock worth $1,851,000 after purchasing an additional 21 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.