Maynard Webb, Jr. Sells 3,076 Shares of AppLovin (NASDAQ:APP) Stock

AppLovin Corporation (NASDAQ:APP) Director Maynard Webb, Jr. sold 3,076 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the sale, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

AppLovin Stock Down 0.3%

APP opened at $520.43 on Friday. AppLovin Corporation has a 1-year low of $332.32 and a 1-year high of $745.61. The stock has a market cap of $174.83 billion, a PE ratio of 44.71, a price-to-earnings-growth ratio of 0.85 and a beta of 2.49. The stock’s fifty day simple moving average is $507.88 and its 200 day simple moving average is $499.10. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period last year, the firm posted $1.67 EPS. As a group, research analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on APP shares. Needham & Company LLC reiterated a “buy” rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Raymond James Financial initiated coverage on AppLovin in a research note on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price for the company. UBS Group reduced their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. KeyCorp set a $775.00 price target on AppLovin in a research note on Wednesday, June 10th. Finally, JPMorgan Chase & Co. boosted their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $668.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Carolina Wealth Advisors LLC boosted its position in shares of AppLovin by 1.5% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 2,732 shares of the company’s stock worth $1,408,000 after purchasing an additional 40 shares in the last quarter. Fulton Bank N.A. increased its position in AppLovin by 6.3% in the 2nd quarter. Fulton Bank N.A. now owns 8,830 shares of the company’s stock valued at $4,549,000 after buying an additional 527 shares in the last quarter. Wealthcare Advisory Partners LLC increased its position in AppLovin by 3.4% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 2,007 shares of the company’s stock valued at $1,034,000 after buying an additional 66 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in AppLovin by 2.8% during the 2nd quarter. Revolve Wealth Partners LLC now owns 851 shares of the company’s stock worth $438,000 after buying an additional 23 shares during the period. Finally, World Equity Group Inc. raised its stake in AppLovin by 38.8% during the 2nd quarter. World Equity Group Inc. now owns 819 shares of the company’s stock worth $422,000 after buying an additional 229 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.