Herald Y. Chen Sells 32,991 Shares of AppLovin Corporation (NASDAQ:APP) Stock

AppLovin Corporation (NASDAQ:APP) Director Herald Y. Chen sold 32,991 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $457.93, for a total transaction of $15,107,568.63. Following the transaction, the director owned 381,929 shares in the company, valued at approximately $174,896,746.97. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

AppLovin Stock Up 1.2%

NASDAQ APP opened at $438.68 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The firm has a 50-day simple moving average of $370.82 and a 200 day simple moving average of $343.23. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15. The stock has a market cap of $148.38 billion, a PE ratio of 62.31, a PEG ratio of 2.42 and a beta of 2.43.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the company earned $0.89 earnings per share. The firm’s revenue was up 77.1% on a year-over-year basis. On average, research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in AppLovin by 306.7% in the second quarter. Tower Research Capital LLC TRC now owns 42,393 shares of the company’s stock worth $14,841,000 after purchasing an additional 31,969 shares in the last quarter. Duquesne Family Office LLC raised its position in AppLovin by 122.5% in the second quarter. Duquesne Family Office LLC now owns 89,458 shares of the company’s stock worth $31,317,000 after purchasing an additional 49,258 shares in the last quarter. SkyView Investment Advisors LLC acquired a new position in AppLovin in the second quarter worth about $254,000. Corient Private Wealth LLC raised its position in AppLovin by 47.8% in the second quarter. Corient Private Wealth LLC now owns 19,519 shares of the company’s stock worth $6,833,000 after purchasing an additional 6,314 shares in the last quarter. Finally, Florida Financial Advisors LLC raised its position in AppLovin by 40.9% in the second quarter. Florida Financial Advisors LLC now owns 3,671 shares of the company’s stock worth $1,285,000 after purchasing an additional 1,065 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on APP. HSBC set a $436.00 target price on shares of AppLovin and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Wedbush reissued an “outperform” rating and set a $620.00 target price on shares of AppLovin in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Thursday, May 29th. Finally, Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $472.33.

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.