Oppenheimer Asset Management Inc. Cuts Position in AppLovin Corporation $APP

Oppenheimer Asset Management Inc. trimmed its position in shares of AppLovin Corporation (NASDAQ:APP) by 15.5% during the second quarter, Holdings Channel reports. The institutional investor owned 19,061 shares of the company’s stock after selling 3,501 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in AppLovin were worth $6,673,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in APP. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin in the 4th quarter valued at approximately $294,000. Bison Wealth LLC purchased a new position in AppLovin in the fourth quarter valued at $239,000. Golden State Wealth Management LLC increased its holdings in AppLovin by 6,600.0% in the first quarter. Golden State Wealth Management LLC now owns 201 shares of the company’s stock valued at $53,000 after buying an additional 198 shares during the last quarter. Bartlett & CO. Wealth Management LLC purchased a new position in AppLovin in the first quarter valued at $29,000. Finally, Sovran Advisors LLC increased its holdings in AppLovin by 100.1% in the first quarter. Sovran Advisors LLC now owns 1,527 shares of the company’s stock valued at $405,000 after buying an additional 764 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

NASDAQ APP opened at $643.10 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52-week low of $158.33 and a 52-week high of $745.61. The business’s 50-day moving average price is $573.18 and its 200 day moving average price is $427.78. The firm has a market cap of $217.53 billion, a P/E ratio of 91.35, a P/E/G ratio of 3.37 and a beta of 2.53.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the business posted $0.89 EPS. The company’s revenue was up 77.1% on a year-over-year basis. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wedbush increased their price objective on AppLovin from $725.00 to $745.00 and gave the company an “outperform” rating in a report on Monday, October 6th. Citigroup increased their price target on shares of AppLovin from $600.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Wells Fargo & Company increased their price target on shares of AppLovin from $491.00 to $633.00 and gave the company an “overweight” rating in a research note on Tuesday, October 14th. UBS Group increased their price target on shares of AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, September 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $605.13.

Insider Transactions at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the sale, the director directly owned 181,929 shares in the company, valued at approximately $78,682,473.21. The trade was a 52.37% decrease in their position. The sale 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 business’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the sale, the chief executive officer directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last quarter. 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.