Abacus FCF Advisors LLC Sells 28,316 Shares of AppLovin Corporation $APP

Key Points

• Abacus FCF Advisors LLC sold 28,316 shares of AppLovin Corporation, reducing its stake by 49.7%, leaving them with 28,701 shares worth approximately $10 million.
• Insider transactions include Director Herald Y. Chen selling 200,000 shares for roughly $86.5 million, representing a 52.37% decrease in their position.
• Analysts have raised their target prices for AppLovin, with Wells Fargo increasing from $480 to $491 and BTIG raising their objective from $547 to $664, indicating positive sentiment despite mixed performance.

Abacus FCF Advisors LLC lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 49.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,701 shares of the company's stock after selling 28,316 shares during the quarter. Abacus FCF Advisors LLC's holdings in AppLovin were worth $10,048,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of APP. Dynasty Wealth Management LLC increased its holdings in AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after buying an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in AppLovin by 36.7% in 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 buying an additional 1,769,400 shares during the period. Vanguard Group Inc. boosted its stake in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after purchasing an additional 1,107,104 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the transaction, the director owned 3,150 shares in the company, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the business'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 completion of the transaction, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This represents a 0.88% 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 in the last 90 days. 13.66% of the stock is owned by corporate insiders.

AppLovin Stock Performance

Shares of APP stock traded up $15.25 on Tuesday, hitting $658.75. 5,349,495 shares of the stock were exchanged, compared to its average volume of 7,455,165. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $222.82 billion, a PE ratio of 93.57, a P/E/G ratio of 3.60 and a beta of 2.44. AppLovin Corporation has a one year low of $125.62 and a one year high of $670.19. The firm's 50 day moving average is $457.27 and its two-hundred day moving average is $367.01.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly 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 firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the firm posted $0.89 EPS. The company's revenue was up 77.1% compared to the same quarter last year. Sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on APP shares. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Wedbush upped their price target on AppLovin from $620.00 to $725.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. JPMorgan Chase & Co. raised their price target on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, Morgan Stanley increased their price objective on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $513.38.

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.