PALO ALTO, CA — Eduardo Vivas, a director at AppLovin Corp (NASDAQ:APP), recently sold shares of the company's Class A common stock, according to a filing with the Securities and Exchange Commission. The total value of the transactions amounted to approximately $10 million. The sale comes as AppLovin's stock has demonstrated remarkable performance, with a 724% gain year-to-date, pushing the company's market capitalization to $113 billion.
The sales were executed on November 26, 2024, and involved multiple trades with prices ranging from $329.64 to $331.93 per share. These transactions resulted in a reduction of Vivas's indirect holdings, which are held in family trusts. According to InvestingPro data, the stock is currently trading near its 52-week high of $344.77, with technical indicators suggesting overbought conditions.
Following these sales, Vivas's reported ownership stands at 121,317 shares, as noted in the filing. The transactions reflect a strategic move by Vivas, who continues to hold a significant position in the company. For deeper insights into AppLovin's valuation and 20+ additional premium tips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, AppLovin Corp has seen a series of significant developments. The company's third-quarter results showed a 39% year-over-year increase in revenue, reaching $1.2 billion. AppLovin has also announced plans to offer senior notes to repay existing senior secured term loan facilities due in 2028 and 2030. The joint book-running managers for this transaction are J.P. Morgan Securities LLC, BofA Securities, Inc., and Morgan Stanley (NYSE:MS) & Co. LLC.
Analyst firms Piper Sandler, Loop Capital, and Oppenheimer have maintained positive ratings on AppLovin, with Piper Sandler and Oppenheimer reaffirming their Overweight and Outperform ratings respectively, while Loop Capital maintained a Buy rating. Citi and Loop Capital also maintained Buy ratings, raising their price targets to $335 and $385 respectively, while Daiwa Securities upgraded the stock from a Neutral rating to Outperform.
AppLovin's Q4 2024 revenue is projected to be between $1.24 billion and $1.26 billion, with adjusted EBITDA expectations of $740 million to $760 million. The company is transitioning to an all unsecured debt capital structure after acquiring investment grade ratings from S&P Global Ratings and Fitch Ratings. These are recent developments for the company.
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