Arash Adam Foroughi Sells 1,676 Shares of AppLovin Co. (NASDAQ:APP) Stock

AppLovin Co. (NASDAQ:APP) CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the transaction, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

AppLovin Trading Up 5.3 %

Shares of APP stock traded up $17.15 during trading hours on Wednesday, reaching $338.21. The company had a trading volume of 7,048,547 shares, compared to its average volume of 4,587,456. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $417.64. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market cap of $113.50 billion, a price-to-earnings ratio of 97.29, a P/E/G ratio of 4.95 and a beta of 2.27. The company has a 50 day moving average of $234.35 and a 200 day moving average of $140.02.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 earnings per share. On average, equities research analysts anticipate that AppLovin Co. will post 4.06 EPS for the current year.

Analysts Set New Price Targets

APP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. The Goldman Sachs Group cut AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the company from $103.00 to $150.00 in a report on Monday, October 14th. Benchmark reissued a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research note on Thursday, November 7th. Wells Fargo & Company raised their target price on AppLovin from $250.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Finally, Macquarie lifted their price target on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $292.79.

Institutional Trading of AppLovin

A number of hedge funds have recently modified their holdings of the company. Townsquare Capital LLC grew its stake in AppLovin by 64.9% in the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the period. Second Half Financial Partners LLC bought a new position in shares of AppLovin during the 3rd quarter valued at about $224,000. State Street Corp lifted its holdings in shares of AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares in the last quarter. Eagle Asset Management Inc. grew its position in shares of AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after purchasing an additional 500,407 shares during the period. Finally, Zacks Investment Management increased its stake in AppLovin by 328.1% during the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.