AppLovin Co. (NYSE:APP) CTO Sells $1,164,000.00 in Stock

Posted by Defense World Staff on Aug 23rd, 2023

AppLovin Co. (NYSE:APP – Get Free Report) CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $38.80, for a total transaction of $1,164,000.00. Following the completion of the transaction, the chief technology officer now owns 8,539,324 shares in the company, valued at $331,325,771.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

On Tuesday, June 13th, Vasily Shikin sold 30,000 shares of AppLovin stock. The shares were sold at an average price of $22.54, for a total value of $676,200.00.

AppLovin Trading Up 1.2 %

NYSE APP opened at $39.48 on Wednesday. AppLovin Co. has a 52 week low of $9.14 and a 52 week high of $40.69. The firm has a 50 day moving average of $29.40 and a two-hundred day moving average of $21.58. The stock has a market capitalization of $13.73 billion, a PE ratio of 658.11, a price-to-earnings-growth ratio of 2.59 and a beta of 1.95. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 2.09.

AppLovin (NYSE:APP – Get Free Report) last posted its earnings results on Wednesday, August 9th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.08 by $0.14. The firm had revenue of $750.17 million for the quarter, compared to analyst estimates of $724.41 million. AppLovin had a return on equity of 5.51% and a net margin of 0.70%. AppLovin’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) earnings per share. As a group, research analysts expect that AppLovin Co. will post 0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On AppLovin

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SVB Wealth LLC purchased a new position in AppLovin in the first quarter valued at approximately $217,358,000. State Street Corp boosted its holdings in shares of AppLovin by 1,194.0% in the 2nd quarter. State Street Corp now owns 3,040,806 shares of the company’s stock valued at $104,725,000 after buying an additional 2,805,820 shares in the last quarter. AQR Capital Management LLC grew its position in shares of AppLovin by 425.7% in the 4th quarter. AQR Capital Management LLC now owns 3,134,934 shares of the company’s stock valued at $32,917,000 after buying an additional 2,538,618 shares during the last quarter. Norges Bank acquired a new stake in AppLovin during the 4th quarter worth $22,402,000. Finally, Renaissance Technologies LLC lifted its position in AppLovin by 1,457.0% in the fourth quarter. Renaissance Technologies LLC now owns 2,173,539 shares of the company’s stock valued at $22,887,000 after acquiring an additional 2,033,939 shares during the last quarter. Institutional investors and hedge funds own 45.47% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on APP. Stifel Nicolaus raised their price target on AppLovin from $36.00 to $43.00 in a research report on Thursday, August 10th. Truist Financial raised their target price on AppLovin from $35.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 14th. Morgan Stanley boosted their price target on shares of AppLovin from $17.50 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 16th. Citigroup increased their price target on shares of AppLovin from $32.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 16th. Finally, Bank of America lifted their price objective on shares of AppLovin from $35.00 to $41.00 in a report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.88.

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AppLovin Company Profile

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction; and Wurl, a connected TV platform, which primarily distributes streaming video for content companies.