SoFi CEO enters prepaid forward contract on 1.5 million shares
Arash Adam Foroughi, the CEO and Chairperson of AppLovin Corp (NASDAQ:APP), a company now valued at $139.35 billion and boasting a perfect Piotroski Score of 9 according to InvestingPro, recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On February 21, Foroughi sold a total of 46,832 shares of AppLovin’s Class A Common Stock, amounting to approximately $19.2 million. The shares were sold at prices ranging from $396.21 to $442.25 per share.
These transactions follow a previous move on February 20, where 9,143 shares were disposed of to cover tax obligations related to the vesting of restricted stock units, valued at $450.01 per share. Following these transactions, Foroughi’s direct ownership stands at 2,914,892 shares of AppLovin’s Class A Common Stock.
In other recent news, AppLovin has been the focus of several analyst updates and financial performance reviews. The company reported impressive fourth-quarter 2024 financial results, with revenue reaching $1.37 billion, surpassing the consensus estimate of $1.26 billion. Its AEBITDA also exceeded expectations, coming in at $848 million compared to the anticipated $763 million, driven by a 73% year-over-year growth in advertising revenue. UBS analyst Chris Kuntarich raised the price target for AppLovin to $630, citing strong gaming growth and a significant uptake in e-commerce revenue, which UBS estimated at $50 million for the fourth quarter.
Loop Capital Markets increased its price target to $650, maintaining a Buy rating, and highlighted the company’s strong momentum and advertiser feedback. Similarly, Citi analysts raised their price target to $600, expressing confidence in AppLovin’s growth prospects through 2025 and beyond. Benchmark analyst Miike Hickey also increased the price target to $525, emphasizing the company’s robust Q4 performance and positive guidance for Q1 2025, with expected revenues of $1.37 billion and AEBITDA of $870 million.
Meanwhile, the Bear Cave has raised concerns about the sustainability of AppLovin’s growth, questioning the quality of its revenue streams and labeling some ads as potentially deceptive. Despite these allegations, analysts from various firms remain optimistic, with several maintaining Buy ratings and raising their price targets based on AppLovin’s continued strong performance and strategic initiatives.
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