Mediolanum International Funds Ltd lessened its position in shares of AppLovin Corporation (NASDAQ:APP – Free Report) by 15.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,752 shares of the company’s stock after selling 9,224 shares during the period. Mediolanum International Funds Ltd’s holdings in AppLovin were worth $18,884,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in APP. Washington Trust Advisors Inc. increased its stake in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new position in AppLovin during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC bought a new stake in AppLovin during the fourth quarter worth $32,000. First Pacific Financial bought a new stake in AppLovin during the first quarter worth $33,000. Finally, IMA Advisory Services Inc. boosted its holdings in shares of AppLovin by 40.0% in the 1st quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock valued at $33,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.
Wall Street Analyst Weigh In
APP has been the topic of several recent analyst reports. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. UBS Group decreased their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, Wedbush reissued an “outperform” rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $668.45.
Insider Buying and Selling at AppLovin
In other news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the sale, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 over the last three months. 13.66% of the stock is owned by corporate insiders.
AppLovin Stock Performance
NASDAQ APP opened at $424.54 on Monday. The firm’s fifty day moving average price is $506.01 and its two-hundred day moving average price is $487.71. The stock has a market cap of $142.62 billion, a PE ratio of 36.47, a PEG ratio of 0.69 and a beta of 2.49. AppLovin Corporation has a fifty-two week low of $343.00 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.
AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 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 analysts’ expectations of $1.77 billion. During the same period in the prior year, the company earned $1.67 EPS. AppLovin’s revenue was up 58.9% compared to the same quarter last year. On average, equities analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.
About AppLovin
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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