AppLovin (NASDAQ:APP) Stock Price Down 2.8% After Insider Selling

Shares of AppLovin Co. (NASDAQ:APP) traded down 2.8% during trading on Thursday following insider selling activity. The stock traded as low as $260.93 and last traded at $264.90. 2,241,727 shares changed hands during trading, a decline of 56% from the average session volume of 5,135,590 shares. The stock had previously closed at $272.59.

Specifically, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares in the company, valued at approximately $21,359,201.85. This represents a 16.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Loop Capital upped their price target on shares of AppLovin from $450.00 to $650.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Stifel Nicolaus upped their price target on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Macquarie upped their price target on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Thursday, February 13th. One equities 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $438.28.

AppLovin Trading Up 7.7 %

The stock has a market capitalization of $99.57 billion, a price-to-earnings ratio of 64.51, a PEG ratio of 3.02 and a beta of 2.33. The company’s 50-day moving average is $357.00 and its 200-day moving average is $266.70. 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 (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AppLovin

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of AppLovin during the fourth quarter valued at about $1,781,922,000. State Street Corp increased its position in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares during the last quarter. Geode Capital Management LLC increased its position in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock valued at $1,462,144,000 after acquiring an additional 573,310 shares during the last quarter. Finally, Baillie Gifford & Co. increased its position in shares of AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.