Insider Selling: AppLovin Co. (NASDAQ:APP) CTO Sells $12,999,630.00 in Stock

AppLovin Co. (NASDAQ:APP) CTO Vasily Shikin sold 154,500 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the transaction, the chief technology officer now directly owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Vasily Shikin also recently made the following trade(s):

• On Monday, September 9th, Vasily Shikin sold 5,500 shares of AppLovin stock. The stock was sold at an average price of $86.04, for a total value of $473,220.00.

AppLovin Price Performance

NASDAQ:APP opened at $105.61 on Friday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The stock’s 50 day moving average price is $83.57 and its two-hundred day moving average price is $77.74. The firm has a market capitalization of $34.75 billion, a price-to-earnings ratio of 62.86, a P/E/G ratio of 1.22 and a beta of 1.88. AppLovin Co. has a 12-month low of $34.45 and a 12-month high of $106.45.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm’s quarterly revenue was up 44.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.22 earnings per share. On average, analysts anticipate that AppLovin Co. will post 3.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 price objective (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Benchmark upped their target price on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Jefferies Financial Group upped their target price on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday. Wedbush dropped their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Bank of America upped their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $87.94.

Hedge Funds Weigh In On AppLovin

A number of large investors have recently made changes to their positions in APP. WCM Investment Management LLC bought a new position in shares of AppLovin during the first quarter worth approximately $497,488,000. Fred Alger Management LLC bought a new position in shares of AppLovin during the second quarter worth approximately $290,655,000. Whale Rock Capital Management LLC bought a new position in shares of AppLovin during the first quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. grew its position in AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after buying an additional 1,357,400 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

About AppLovin

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.