Insider Selling: AppLovin (NASDAQ:APP) CEO Sells 20,833 Shares of Stock

AppLovin Corporation (NASDAQ:APP) CEO Arash Adam Foroughi sold 20,833 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $503.91, for a total transaction of $10,497,957.03. Following the completion of the transaction, the chief executive officer owned 2,962,184 shares of the company’s stock, valued at approximately $1,492,674,139.44. This represents a 0.70% 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 hyperlink.

Arash Adam Foroughi also recently made the following trade(s):

• On Thursday, June 11th, Arash Adam Foroughi sold 8,624 shares of AppLovin stock. The shares were sold at an average price of $476.30, for a total transaction of $4,107,611.20.
• On Friday, June 12th, Arash Adam Foroughi sold 19,123 shares of AppLovin stock. The shares were sold at an average price of $482.02, for a total transaction of $9,217,668.46.
• On Thursday, June 11th, Arash Adam Foroughi sold 33,042 shares of AppLovin stock. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90.
• On Friday, June 12th, Arash Adam Foroughi sold 22,544 shares of AppLovin stock. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12.

AppLovin Price Performance

NASDAQ:APP traded up $18.20 during trading hours on Friday, reaching $496.77. 4,334,425 shares of the company were exchanged, compared to its average volume of 4,517,439. 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 stock’s 50-day moving average is $482.88 and its 200-day moving average is $520.84. The firm has a market cap of $166.88 billion, a PE ratio of 42.68, a price-to-earnings-growth ratio of 0.78 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently modified their holdings of the company. Militia Capital Management LLC purchased a new stake in shares of AppLovin in the first quarter valued at about $3,184,000. Rathbones Group PLC lifted its position in AppLovin by 69.6% in the first quarter. Rathbones Group PLC now owns 702 shares of the company’s stock valued at $279,000 after buying an additional 288 shares during the last quarter. Pine Valley Investments Ltd Liability Co lifted its position in AppLovin by 4.4% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 12,388 shares of the company’s stock valued at $4,930,000 after buying an additional 527 shares during the last quarter. Glenmede Trust Co. NA lifted its position in AppLovin by 12.2% in the first quarter. Glenmede Trust Co. NA now owns 5,075 shares of the company’s stock valued at $2,020,000 after buying an additional 550 shares during the last quarter. Finally, Groupama Asset Managment acquired a new position in AppLovin in the first quarter valued at about $572,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on APP shares. Benchmark restated a “buy” rating on shares of AppLovin in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Argus started coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective for the company. Finally, Wedbush restated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $669.62.

About AppLovin

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.