Allen Investment Management LLC Sells 4,610 Shares of AppLovin Corporation $APP

Key Points

• Allen Investment Management LLC cut its AppLovin stake by 40.4% in the fourth quarter, selling 4,610 shares and leaving it with 6,810 shares valued at about $4.59 million.
• AppLovin reported a strong quarter, with earnings of $3.56 per share beating estimates and revenue of $1.84 billion topping forecasts; revenue also jumped 58.9% from a year earlier.
• Despite recent insider selling, analysts remain broadly positive on APP, with a Moderate Buy consensus and an average price target of $664.35.

Allen Investment Management LLC reduced its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 40.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,810 shares of the company's stock after selling 4,610 shares during the quarter. Allen Investment Management LLC's holdings in AppLovin were worth $4,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the 4th quarter valued at about $27,000. Washington Trust Advisors Inc. increased its stake in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin during the fourth quarter worth about $32,000. CBIZ Investment Advisory Services LLC boosted its position in shares of AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after buying an additional 17 shares during the period. Finally, Graney & King LLC acquired a new position in shares of AppLovin during the third quarter worth about $36,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 0.1%

Shares of APP stock opened at $613.70 on Tuesday. The firm has a 50 day moving average price of $460.05 and a two-hundred day moving average price of $520.92. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $206.17 billion, a PE ratio of 52.72, a price-to-earnings-growth ratio of 1.00 and a beta of 2.45. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company's quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.67 EPS. As a group, analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of the business's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the transaction, the chief technology officer owned 3,255,273 shares of the company's stock, valued at approximately $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction 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 $3,160,545,043.18. This trade represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 464,016 shares of company stock worth $218,477,985 over the last 90 days. Corporate insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on APP shares. Citigroup reiterated a "buy" rating and set a $710.00 target price on shares of AppLovin in a report on Monday. BTIG Research reiterated a "buy" rating and set a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Jefferies Financial Group dropped their target price on AppLovin from $860.00 to $700.00 and set a "buy" rating on the stock in a report on Thursday, February 12th. Argus started coverage on AppLovin in a report on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price on the stock. Finally, Wedbush reiterated an "outperform" rating and set a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average target price of $664.35.

AppLovin Company 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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