Ieq Capital LLC lessened its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 0.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 15,685,398 shares of the company’s stock after selling 94,523 shares during the period. AppLovin makes up 31.6% of Ieq Capital LLC’s holdings, making the stock its biggest holding. Ieq Capital LLC’s holdings in AppLovin were worth $10,569,135,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after purchasing an additional 3,438 shares during the last quarter. APG Asset Management N.V. purchased a new position in shares of AppLovin in the third quarter worth about $4,958,000. Metis Global Partners LLC raised its stake in shares of AppLovin by 138.3% in the third quarter. Metis Global Partners LLC now owns 10,094 shares of the company’s stock worth $7,253,000 after purchasing an additional 5,859 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of AppLovin by 24.9% in the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after purchasing an additional 487,492 shares during the last quarter. Finally, TIAA Trust National Association raised its stake in shares of AppLovin by 431.7% in the third quarter. TIAA Trust National Association now owns 52,749 shares of the company’s stock worth $37,902,000 after purchasing an additional 42,829 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on APP. Argus began coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. Wedbush restated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Arete Research set a $340.00 price objective on AppLovin and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $660.00 price target on shares of AppLovin in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $669.62.
Insider Buying and Selling
In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 389,924 shares of company stock valued at $187,404,946 in the last three months. 13.66% of the stock is currently owned by company insiders.
AppLovin News Summary
Here are the key news stories impacting AppLovin this week:
- Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
- Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
- Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article
AppLovin Trading Up 3.8%
Shares of NASDAQ:APP opened at $496.77 on Friday. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61. The company has a market capitalization of $166.88 billion, a PE ratio of 42.68, a PEG ratio of 0.78 and a beta of 2.45. The business has a 50 day moving average of $482.88 and a two-hundred day moving average of $520.84. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.
AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the company posted $1.67 earnings per share. AppLovin’s revenue for the quarter was up 58.9% on a year-over-year basis. As a group, analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.
AppLovin Profile
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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