MGO One Seven LLC Trims Stock Holdings in AppLovin Corporation $APP

MGO One Seven LLC lowered its position in AppLovin Corporation (NASDAQ:APP) by 15.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 780 shares of the company’s stock after selling 140 shares during the quarter. MGO One Seven LLC’s holdings in AppLovin were worth $273,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after buying an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. lifted its stake in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. Invesco Ltd. lifted its stake in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after buying an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp lifted its stake in AppLovin by 12.9% in the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after buying an additional 328,000 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Down 1.1%

Shares of APP stock opened at $599.31 on Monday. The business’s fifty day moving average price is $556.25 and its 200 day moving average price is $413.34. AppLovin Corporation has a 1-year low of $141.35 and a 1-year high of $745.61. The firm has a market capitalization of $202.72 billion, a PE ratio of 85.13, a P/E/G ratio of 3.25 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. AppLovin’s quarterly revenue was up 77.1% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on APP. Wall Street Zen cut AppLovin from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Bank of America upped their price target on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Morgan Stanley upped their price target on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. JPMorgan Chase & Co. upped their price target on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Finally, BTIG Research upped their price target on AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $600.59.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the sale, the chief executive officer directly owned 2,620,054 shares in the company, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.