Robertson Stephens Wealth Management LLC Has $106.80 Million Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Robertson Stephens Wealth Management LLC trimmed its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 1.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 403,061 shares of the company's stock after selling 7,374 shares during the quarter. AppLovin makes up about 3.7% of Robertson Stephens Wealth Management LLC's portfolio, making the stock its 4th largest holding. Robertson Stephens Wealth Management LLC owned about 0.12% of AppLovin worth $106,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $294,000. Everhart Financial Group Inc. grew its holdings in AppLovin by 14.9% during the 4th quarter. Everhart Financial Group Inc. now owns 2,234 shares of the company's stock worth $723,000 after acquiring an additional 290 shares during the last quarter. Principal Securities Inc. increased its position in AppLovin by 2.9% in the 4th quarter. Principal Securities Inc. now owns 5,899 shares of the company's stock valued at $1,910,000 after acquiring an additional 165 shares during the period. Sheaff Brock Investment Advisors LLC acquired a new position in AppLovin in the 4th quarter valued at approximately $614,000. Finally, JFS Wealth Advisors LLC raised its stake in shares of AppLovin by 38.2% during the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In other news, Director Craig Scott Billings sold 12,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the sale, the director now directly owns 2,987 shares of the company's stock, valued at $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 6,585 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $370.23, for a total value of $2,437,964.55. Following the completion of the transaction, the insider now owns 357,903 shares in the company, valued at $132,506,427.69. This represents a 1.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

APP has been the topic of several analyst reports. Jefferies Financial Group boosted their price objective on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. The Goldman Sachs Group lifted their target price on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Wells Fargo & Company increased their price target on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. Finally, Loop Capital reiterated a "buy" rating and issued a $650.00 target price on shares of AppLovin in a report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and an average target price of $438.10.

AppLovin Stock Down 5.7%

Shares of APP stock traded down $19.67 on Friday, reaching $324.70. 8,706,138 shares of the company were exchanged, compared to its average volume of 6,127,390. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The company has a 50-day moving average of $331.71 and a 200-day moving average of $334.73. The company has a market cap of $109.88 billion, a price-to-earnings ratio of 58.61, a PEG ratio of 2.00 and a beta of 2.53. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15.

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

AppLovin Company Profile

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.