Ritholtz Wealth Management Sells 2,308 Shares of AppLovin Co. (NASDAQ:APP)

Ritholtz Wealth Management lowered its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 17,564 shares of the company's stock after selling 2,308 shares during the period. Ritholtz Wealth Management's holdings in AppLovin were worth $4,654,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. SVB Wealth LLC bought a new stake in AppLovin in the 4th quarter worth $1,781,922,000. Geode Capital Management LLC grew its holdings in AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after acquiring an additional 573,310 shares during the last quarter. Baillie Gifford & Co. grew its holdings in AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after acquiring an additional 1,222,074 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction that occurred on Monday, May 12th. The shares were 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 in the company, valued at $1,054,769.44. The trade was a 80.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Herald Y. Chen sold 171,420 shares of AppLovin stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the sale, the director now owns 221,209 shares of the company's stock, valued at $82,681,287.93. This represents a 43.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on APP. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted 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. Wells Fargo & Company lifted their target price on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Finally, HSBC set a $436.00 target price on shares of AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $438.10.

AppLovin Stock Down 4.2%

AppLovin stock traded down $16.09 during trading hours on Friday, hitting $364.49. The stock had a trading volume of 4,342,573 shares, compared to its average volume of 6,124,940. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market capitalization of $123.34 billion, a P/E ratio of 80.28, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The stock's 50-day moving average price is $324.29 and its 200-day moving average price is $334.18.

AppLovin (NASDAQ:APP - Get Free Report) last issued its 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. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.67 earnings per share. Equities research analysts anticipate that AppLovin Co. will post 6.87 EPS 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.