AMF Tjanstepension AB Decreases Position in AppLovin Corporation $APP

Key Points

• AMF Tjanstepension AB cut its AppLovin stake by 17.7% in the fourth quarter, selling 8,427 shares and leaving it with 39,123 shares worth about $26.4 million.
• AppLovin’s latest quarterly results beat expectations, with EPS of $3.56 versus $3.44 expected and revenue of $1.84 billion, up 58.9% year over year.
• Analysts remain broadly constructive on the stock, with a consensus rating of Moderate Buy and an average price target of $664.35, even as insiders have recently sold shares.

AMF Tjanstepension AB lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 17.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,123 shares of the company's stock after selling 8,427 shares during the quarter. AMF Tjanstepension AB's holdings in AppLovin were worth $26,362,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin in the fourth quarter valued at about $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin in the fourth quarter valued at about $239,000. Integrated Wealth Concepts LLC increased its position in shares of AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock valued at $448,000 after acquiring an additional 621 shares during the period. NewEdge Advisors LLC increased its position in shares of AppLovin by 5.7% in the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock valued at $5,084,000 after acquiring an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in shares of AppLovin by 7.2% in the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock valued at $48,727,000 after acquiring an additional 9,380 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Trading Down 1.7%

NASDAQ:APP opened at $492.38 on Tuesday. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The company's 50-day simple moving average is $446.94 and its 200 day simple moving average is $527.38. The firm has a market capitalization of $165.41 billion, a P/E ratio of 42.30, a PEG ratio of 0.81 and a beta of 2.37.

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

Analyst Ratings Changes

APP has been the topic of a number of analyst reports. Needham & Company LLC restated a "buy" rating and issued a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Morgan Stanley set a $720.00 target price on shares of AppLovin in a research note on Thursday, February 12th. Weiss Ratings lowered shares of AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. Benchmark reaffirmed a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. Finally, Wedbush reaffirmed an "outperform" rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $664.35.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 40,704 shares of AppLovin stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the transaction, the chief executive officer directly owned 2,430,414 shares of the company's stock, valued at approximately $1,117,625,877.90. The trade was a 1.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 365,244 shares of company stock valued at $169,584,607 over the last quarter. Corporate insiders own 13.66% of the company's stock.

About AppLovin

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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