Chen Herald Y, a director at AppLovin Corp (NASDAQ:APP), recently executed a significant stock sale. According to a recent SEC filing, Chen sold a total of 118,622 shares of the company's Class A Common Stock on December 10, 2024. The shares were sold at prices ranging from $320.12 to $348.20, amounting to approximately $63.9 million. The transaction comes as AppLovin, now valued at $109.67 billion, has seen its stock surge over 718% year-to-date. InvestingPro analysis indicates the stock is trading above its Fair Value, with a notably high P/E ratio of 96.
In addition to the stock sales, Chen also exercised stock options to acquire 200,000 shares at a price of $5.05 per share. Following these transactions, Chen's direct ownership of AppLovin shares stands at 627,129.
The sales were executed in multiple trades, and Chen is committed to providing full details of each transaction upon request by the relevant authorities or stakeholders.
In other recent news, AppLovin Corp has been the focus of various financial firms' attention due to its impressive financial performance. The company's Q3 results exhibited a 39% year-over-year increase in revenue, reaching $1.2 billion. Analysts project Q4 2024 revenue to be between $1.24 billion and $1.26 billion, with adjusted EBITDA expectations of $740 million to $760 million.
Significant financial moves by AppLovin include issuing $3.55 billion in senior notes and securing a new $1 billion unsecured revolving credit facility with JPMorgan Chase (NYSE:JPM). These strategies aim to repay existing senior secured term loan facilities due in 2028 and 2030.
Analysts from Oppenheimer, Stifel, and Piper Sandler have maintained positive ratings on AppLovin's stock, with Oppenheimer reiterating its Outperform rating and a price target of $480.00. Stifel raised its price target to $435, while Piper Sandler kept an Overweight rating with a price target of $400. These adjustments reflect confidence in AppLovin's growth trajectory and its potential to capitalize on opportunities in e-commerce advertising.
AppLovin's recent customer feedback from its e-commerce pilot program conducted around Black Friday and Cyber Monday was also highlighted, showing highly favorable responses from customers engaging with AppLovin's platform. These are among the recent developments within AppLovin.
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