Alliancebernstein L.P. Sells 881,778 Shares of AppLovin Corporation $APP

Key Points

• Alliancebernstein L.P. has reduced its holdings in AppLovin Corporation by 32.4%, now owning approximately 1.84 million shares valued at $488.43 million.
• Analysts have mixed sentiments about AppLovin, with ratings ranging from "Strong Buy" to "Sell", resulting in a consensus rating of "Moderate Buy" and a target price of $478.81.
• Insider trading activity includes significant sales, with insiders selling over 1.2 million shares in the last quarter, reflecting a decrease in their ownership of the stock.

Alliancebernstein L.P. lowered its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 32.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,843,323 shares of the company's stock after selling 881,778 shares during the period. Alliancebernstein L.P. owned 0.54% of AppLovin worth $488,425,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Forum Financial Management LP raised its stake in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares during the last quarter. Vestcor Inc increased its holdings in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after purchasing an additional 33 shares in the last quarter. GSG Advisors LLC increased its holdings in shares of AppLovin by 0.3% in the first quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after purchasing an additional 35 shares in the last quarter. Argentarii LLC increased its holdings in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after purchasing an additional 40 shares in the last quarter. Finally, Atlas Capital Advisors Inc. increased its holdings in shares of AppLovin by 11.3% in the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on APP shares. Morgan Stanley raised their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. BTIG Research raised their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Jefferies Financial Group raised their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a report on Friday. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $482.86.

Insider Buying and Selling

In other news, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares of the company's stock, valued at $78,682,473.21. The trade was a 52.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,158,288 shares of company stock worth $515,437,023 over the last ninety days. Insiders own 13.66% of the company's stock.

AppLovin Trading Down 1.9%

Shares of APP stock traded down $9.73 on Friday, hitting $490.24. The stock had a trading volume of 8,102,116 shares, compared to its average volume of 5,036,863. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15. The firm has a market cap of $165.82 billion, a P/E ratio of 69.64, a PEG ratio of 2.79 and a beta of 2.44. 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 company has a fifty day moving average price of $402.06 and a two-hundred day moving average price of $348.80.

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

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.