AppLovin Corporation $APP Shares Sold by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. has reduced its stake in AppLovin Corporation by 14.9%, owning approximately 675,676 shares valued at $179,034,000 after selling 118,460 shares in the first quarter.
• AppLovin's recent quarterly report showed earnings per share of $2.26, exceeding estimates, with revenues of $1.26 billion, although below the $1.37 billion consensus estimate.
• The company’s stock was traded at $418.76, with a market capitalization of $141.65 billion and a reported one-year price range between $82.51 and $525.15.

1832 Asset Management L.P. trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 14.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 675,676 shares of the company's stock after selling 118,460 shares during the quarter. 1832 Asset Management L.P. owned 0.20% of AppLovin worth $179,034,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in AppLovin by 36.7% during the 1st 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 acquiring an additional 1,769,400 shares during the period. Baillie Gifford & Co. boosted its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the period. Invesco Ltd. boosted its holdings in AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after acquiring an additional 992,316 shares during the period. Finally, Dynasty Wealth Management LLC boosted its holdings in AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after acquiring an additional 2,700,399 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on APP. Wedbush restated an "outperform" rating and set a $620.00 target price on shares of AppLovin in a report on Thursday, August 7th. Wells Fargo & Company raised their target price on AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a report on Thursday, August 21st. Zacks Research upgraded AppLovin to a "strong-buy" rating in a report on Friday, August 8th. UBS Group lifted their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $472.86.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 16,599 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $416.71, for a total transaction of $6,916,969.29. Following the completion of the sale, the insider owned 319,955 shares in the company, valued at $133,328,448.05. The trade was a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 17,564 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.48, for a total value of $7,683,898.72. Following the sale, the chief technology officer owned 53,389 shares of the company's stock, valued at approximately $23,356,619.72. The trade was a 24.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,221,152 shares of company stock worth $538,490,378 over the last 90 days. 13.66% of the stock is owned by insiders.

AppLovin Stock Up 3.5%

Shares of APP traded up $15.71 during midday trading on Tuesday, hitting $466.39. The company had a trading volume of 3,348,965 shares, compared to its average volume of 7,056,094. The company's 50-day simple moving average is $376.98 and its 200-day simple moving average is $345.25. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The firm has a market capitalization of $157.76 billion, a P/E ratio of 66.28, a P/E/G ratio of 2.47 and a beta of 2.43. AppLovin Corporation has a 1 year low of $82.51 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm's revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 earnings per share. As a group, sell-side analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

AppLovin Company Profile

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.