Arash Adam Foroughi Sells 20,833 Shares of AppLovin (NASDAQ:APP) Stock

AppLovin Corporation (NASDAQ:APP) CEO Arash Adam Foroughi sold 20,833 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $503.91, for a total transaction of $10,497,957.03. Following the completion of the sale, the chief executive officer directly owned 2,962,184 shares in the company, valued at approximately $1,492,674,139.44. This represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Arash Adam Foroughi also recently made the following trade(s):

• On Thursday, June 11th, Arash Adam Foroughi sold 8,624 shares of AppLovin stock. The shares were sold at an average price of $476.30, for a total transaction of $4,107,611.20.
• On Friday, June 12th, Arash Adam Foroughi sold 19,123 shares of AppLovin stock. The shares were sold at an average price of $482.02, for a total transaction of $9,217,668.46.
• On Thursday, June 11th, Arash Adam Foroughi sold 33,042 shares of AppLovin stock. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90.
• On Friday, June 12th, Arash Adam Foroughi sold 22,544 shares of AppLovin stock. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12.

AppLovin Trading Up 3.8%

Shares of NASDAQ:APP opened at $496.77 on Friday. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The company’s 50 day moving average is $482.88 and its two-hundred day moving average is $520.84. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $166.88 billion, a PE ratio of 42.68, a P/E/G ratio of 0.81 and a beta of 2.45.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the firm posted $1.67 EPS. The company’s quarterly revenue was up 58.9% compared to the same quarter last year. Equities analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on APP. Benchmark reissued a “buy” rating on shares of AppLovin in a research report on Wednesday. UBS Group dropped their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. KeyCorp set a $775.00 target price on shares of AppLovin in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $669.62.

Key AppLovin News

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Revolve Wealth Partners LLC acquired a new stake in AppLovin during the 4th quarter worth $294,000. Bison Wealth LLC acquired a new stake in AppLovin during the 4th quarter worth $239,000. Integrated Wealth Concepts LLC boosted its stake in AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares during the period. NewEdge Advisors LLC boosted its stake in AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after purchasing an additional 9,380 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Company Profile

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.