Allianz Asset Management GmbH Sells 35,891 Shares of AppLovin Corporation $APP

Key Points

• Allianz Asset Management GmbH has reduced its holdings in AppLovin Corporation by 17.3%, selling 35,891 shares and retaining a total of 172,143 shares valued at approximately $60.26 million.
• Several institutional investors, including Kingswood Wealth Advisors and Wealth Enhancement Advisory Services, have increased their stakes in AppLovin, indicating rising institutional interest in the company.
• Analyst ratings for AppLovin are mixed, with one "Strong Buy," twenty-one "Buy," and a consensus price target of $600.59, reflecting varied investor sentiment regarding the company's future performance.

Allianz Asset Management GmbH cut its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 17.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 172,143 shares of the company's stock after selling 35,891 shares during the period. Allianz Asset Management GmbH owned 0.05% of AppLovin worth $60,264,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Kingswood Wealth Advisors LLC increased its stake in shares of AppLovin by 5.1% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after purchasing an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of AppLovin by 62.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the last quarter. Legal Advantage Investments Inc. acquired a new position in shares of AppLovin during the 2nd quarter worth about $1,523,000. Park Avenue Securities LLC increased its stake in shares of AppLovin by 30.6% during the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock worth $7,313,000 after purchasing an additional 4,890 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its stake in shares of AppLovin by 15.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company's stock worth $15,827,000 after purchasing an additional 6,104 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on APP. Morgan Stanley boosted their price objective on shares of AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a research note on Monday, September 29th. Zacks Research lowered shares of AppLovin from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Phillip Securities upgraded shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $630.00 price target on shares of AppLovin in a research note on Tuesday. Finally, Oppenheimer set a $740.00 price target on shares of AppLovin in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $600.59.

AppLovin Stock Performance

NASDAQ APP opened at $599.31 on Friday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $202.72 billion, a P/E ratio of 85.13, a P/E/G ratio of 3.29 and a beta of 2.53. AppLovin Corporation has a 12-month low of $141.35 and a 12-month high of $745.61. The firm has a 50-day moving average price of $556.25 and a two-hundred day moving average price of $411.45.

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

Insider Activity

In other news, CEO Arash Adam Foroughi sold 26,200 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 3,150 shares of the company's stock, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,156,788 shares of company stock worth $514,863,333. Insiders own 13.66% of the company's stock.

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.

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