Insider Selling: AppLovin Co. (NASDAQ:APP) Director Sells 18,000 Shares of Stock

AppLovin Co. (NASDAQ:APP) Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at $952,673.78. This trade represents a 85.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

AppLovin Stock Up 4.7 %

NASDAQ:APP opened at $333.31 on Friday. The firm has a market capitalization of $111.86 billion, a price-to-earnings ratio of 101.00, a price-to-earnings-growth ratio of 3.92 and a beta of 1.86. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $342.51. The stock’s 50 day moving average price is $181.30 and its two-hundred day moving average price is $117.41.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the firm posted $0.30 earnings per share. The company’s quarterly revenue was up 38.6% compared to the same quarter last year. Equities research analysts expect that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position in AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares during the period. Fred Alger Management LLC bought a new stake in shares of AppLovin during the 2nd quarter worth about $290,655,000. Whale Rock Capital Management LLC acquired a new position in AppLovin in the 1st quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. raised its holdings in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares during the period. Finally, 1832 Asset Management L.P. lifted 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 acquiring an additional 1,357,400 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

APP has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Macquarie boosted their price objective on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Piper Sandler started coverage on AppLovin in a research note on Wednesday. They set an “overweight” rating and a $400.00 target price for the company. Stifel Nicolaus lifted their price target on shares of AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $222.96.

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.