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On March 10, Shikin Vasily, the Chief Technology Officer of AppLovin Corp (NASDAQ:APP), executed a series of stock transactions involving the sale of Class A Common Stock. The company, currently valued at $92.3 billion, has seen its stock surge over 158% in the past six months, despite a recent 14% pullback last week, according to InvestingPro data. According to a recent SEC filing, Vasily sold a total of shares worth approximately $10.45 million. The sale prices ranged from $235.49 to $254.76 per share.
The transactions were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stock, helping them avoid potential accusations of insider trading. Following these transactions, Vasily’s direct ownership in AppLovin stands at 3,462,891 shares. Additionally, some shares are held indirectly by IS37 Holdings Trust, for which Vasily’s spouse serves as trustee.
These stock moves come as part of Vasily’s ongoing management of his holdings in the company, where he serves as a key executive. The sales were executed in multiple trades at various prices within the stated range, as detailed in the filing. InvestingPro subscribers have access to 18 additional ProTips and comprehensive analysis about AppLovin, including detailed valuation metrics and growth forecasts in the Pro Research Report.
In other recent news, AppLovin reported a 44% increase in fourth-quarter revenue, reaching nearly $1.4 billion, although app revenue saw a slight decline of 1% to just over $376 million. The company is nearing a $900 million deal to sell its games unit to Tripledot Studios, a move that aligns with its focus on advertising rather than game development. AppLovin’s stock received a boost after Bank of America Securities maintained a Buy rating with a price target of $580, citing the company’s competitive edge and potential for significant growth in digital ad spending. Benchmark also added AppLovin to its Top Ideas List, highlighting growth catalysts such as AI-enhanced targeting and e-commerce advertising. Additionally, AppLovin announced a $500 million share buyback plan, signaling confidence in its financial health and aiming to stabilize shareholder value amid recent market volatility. The company’s strategic initiatives, including the potential expansion of ad inventory, are expected to diversify revenue streams and enhance financial performance. These developments reflect AppLovin’s efforts to reassure investors and capitalize on growth opportunities in the digital advertising landscape.
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