QRG Capital Management Inc. Reduces Position in AppLovin Corporation (NASDAQ:APP)

QRG Capital Management Inc. cut its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 36.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,147 shares of the company's stock after selling 26,812 shares during the quarter. QRG Capital Management Inc.'s holdings in AppLovin were worth $12,228,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. FMR LLC grew its holdings in AppLovin by 75.5% during 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 period. SVB Wealth LLC purchased a new position in AppLovin during the 4th quarter worth $1,781,922,000. Geode Capital Management LLC boosted its holdings in shares of 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 buying an additional 573,310 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of 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 buying an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of 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 buying an additional 1,222,074 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. HSBC set a $436.00 price target on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Benchmark reissued a "buy" rating and set a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. The Goldman Sachs Group raised their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Arete Research set a $200.00 price target on AppLovin in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $438.10.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 33,700 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the completion of the transaction, the chief executive officer now directly owns 2,760,363 shares of the company's stock, valued at approximately $1,009,023,091.02. This represents a 1.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 6,585 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $370.23, for a total value of $2,437,964.55. Following the transaction, the insider now directly owns 357,903 shares of the company's stock, valued at approximately $132,506,427.69. This trade represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Trading Down 4.5%

Shares of NASDAQ APP traded down $16.08 during trading on Wednesday, reaching $344.37. The stock had a trading volume of 5,806,553 shares, compared to its average volume of 6,117,065. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The business's 50-day moving average price is $328.71 and its 200-day moving average price is $334.64. The company has a market cap of $116.53 billion, a P/E ratio of 65.06, a PEG ratio of 2.09 and a beta of 2.53.

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

AppLovin 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.