PALO ALTO, CA—Victoria Valenzuela, the Chief Legal Officer and Corporate Secretary at AppLovin Corp (NASDAQ:APP), recently executed a series of stock transactions, selling a substantial number of shares. According to the latest SEC filing, Valenzuela sold a total of 18,925 shares of Class A Common Stock on December 3, 2024. The sales were conducted at prices ranging from $350.45 to $357.57 per share, generating a total value of approximately $6.35 million. The transaction comes as AppLovin's stock trades near its 52-week high of $397.47, with an impressive year-to-date return of over 850%. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
Following these transactions, Valenzuela holds 405,676 shares in the company. The transactions reflect a strategic financial move within her portfolio, as she adjusts her holdings in the technology firm known for its mobile application development services. With a market capitalization of $127.8 billion, AppLovin trades at notably high valuation multiples. InvestingPro subscribers have access to over 20 additional technical indicators and valuation metrics that could help evaluate the timing of similar insider transactions.
In other recent news, AppLovin Corp has made significant financial moves, issuing $3.55 billion in senior notes and securing a new $1 billion unsecured revolving credit facility. This comes after the company reported a 41.5% revenue growth over the last twelve months. The senior notes carry interest rates from 5.125% to 5.950% and are due between 2029 and 2054. The proceeds from this offering are expected to repay AppLovin's existing senior secured term loan facilities due in 2028 and 2030.
In addition, AppLovin has entered into a new credit agreement with JPMorgan Chase (NYSE:JPM) Bank and other financial institutions. This credit line, maturing in December 2029, includes a $100 million letter of credit sublimit and an option to request an increase in commitments by up to an additional $1 billion.
Several financial firms have also shown interest in AppLovin, with Stifel, Piper Sandler, Loop Capital, and Oppenheimer maintaining positive ratings and increasing their price targets. The company's third-quarter results showed a 39% year-over-year increase in revenue, reaching $1.2 billion. Lastly, 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.
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