Alps Advisors Inc. Sells 776 Shares of AppLovin Corporation (NASDAQ:APP)

Alps Advisors Inc. lessened its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,161 shares of the company's stock after selling 776 shares during the quarter. Alps Advisors Inc.'s holdings in AppLovin were worth $2,427,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP raised its holdings in AppLovin by 25.9% in the first quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $229,000 after purchasing an additional 176 shares in the last quarter. Bridges Investment Management Inc. boosted its holdings in AppLovin by 58.8% in the first quarter. Bridges Investment Management Inc. now owns 1,678 shares of the company's stock worth $445,000 after acquiring an additional 621 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of AppLovin by 43.6% in the first quarter. Nisa Investment Advisors LLC now owns 19,510 shares of the company's stock worth $5,170,000 after acquiring an additional 5,926 shares during the last quarter. Axxcess Wealth Management LLC raised its position in shares of AppLovin by 86.9% in the 1st quarter. Axxcess Wealth Management LLC now owns 10,643 shares of the company's stock worth $2,820,000 after purchasing an additional 4,949 shares during the last quarter. Finally, Cornerstone Planning Group LLC boosted its stake in AppLovin by 428.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the company's stock worth $33,000 after purchasing an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

AppLovin stock traded down $3.06 during trading hours on Tuesday, reaching $352.84. 2,285,387 shares of the stock were exchanged, compared to its average volume of 6,239,381. The stock has a market cap of $119.40 billion, a P/E ratio of 63.59, a P/E/G ratio of 2.00 and a beta of 2.42. The firm's 50 day moving average is $359.31 and its 200 day moving average is $334.34. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm earned $0.67 EPS. The company's revenue for the quarter was up 40.3% on a year-over-year basis. Analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the completion of the transaction, the director owned 9,510 shares in the company, valued at approximately $3,637,194.60. This represents a 13.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on APP shares. Citigroup restated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Piper Sandler reissued an "overweight" rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. The Goldman Sachs Group upped their target price on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Loop Capital reiterated a "buy" rating and issued a $650.00 price target on shares of AppLovin in a research note on Friday, March 28th. Finally, Wells Fargo & Company increased their price objective on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $438.43.

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.