Victoria Valenzuela, an insider at AppLovin Corporation, sold 7,609 shares of the company’s stock on December 18, 2023. The shares were sold at an average price of $657.13, totaling approximately $5,000,102.17. Following this transaction, Valenzuela retains 277,110 shares in AppLovin, valued at around $182,097,294.30. This sale represents a 2.67% decrease in Valenzuela’s holdings. The transaction was disclosed in a legal filing with the U.S. Securities and Exchange Commission (SEC).
AppLovin Stock Performance
On the day of the sale, shares of AppLovin (NASDAQ: APP) experienced an increase, rising by $27.00 during midday trading to reach $721.37. The trading volume for the day stood at 7,824,839 shares, which is significantly higher than the average volume of 6,824,037 shares. Over the past year, AppLovin’s stock has fluctuated between a low of $200.50 and a high of $745.61. The company currently holds a market capitalization of $243.79 billion and has a price-to-earnings (P/E) ratio of 87.55.
Analysts have noted a strong performance for AppLovin, with a net margin of 51.27% and a return on equity of 258.49%. The company recently reported $1.41 billion in revenue for the previous quarter, surpassing the consensus estimate of $1.34 billion. Earnings per share (EPS) were recorded at $2.45, exceeding expectations by $0.11. This marks a year-over-year revenue increase of 68.2%.
Analyst Ratings and Future Outlook
Recent analyst evaluations reflect a mixed sentiment towards AppLovin’s stock. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on October 6, 2023. In contrast, Benchmark raised its price target from $700.00 to $775.00 and maintained a “buy” rating as of December 11, 2023. Similarly, Bank of America increased its price target from $580.00 to $860.00 in a report issued on October 1, 2023, and also assigned a “buy” rating.
Overall, nineteen analysts have rated AppLovin with a “buy” recommendation, while four have issued a “hold” rating and one has rated it as a “sell.” The consensus rating stands at “Moderate Buy” with a target price of $695.90, according to data from MarketBeat.com.
About AppLovin Corporation
Based in Palo Alto, California, AppLovin Corporation specializes in providing technology solutions to mobile app developers. The company operates a data-driven advertising and marketing platform that facilitates connections between app publishers and advertisers. AppLovin offers tools for user acquisition, monetization, analytics, and creative optimization, ensuring developers maximize their revenue potential.
The company’s technology integrates with various mobile applications through software development kits (SDKs) and ad products, streamlining the monetization process for developers. Key offerings include an ad mediation and exchange platform that helps publishers manage inventory and a user acquisition platform designed to enhance advertising campaigns.
This recent insider sale and the company’s strong financial performance continue to attract attention from investors and analysts alike, highlighting AppLovin’s significant role in the mobile technology landscape.
