AppLovin Corporation $APP Position Lessened by Virtu Financial LLC

Key Points

• Virtu Financial LLC cut its AppLovin stake by 85% in the fourth quarter, selling 32,357 shares and leaving it with 5,719 shares valued at about $3.85 million.
• Several AppLovin insiders sold shares recently, including Victoria Valenzuela and Director Maynard G. Webb, Jr.; insiders sold 389,924 shares worth about $195.7 million in the last quarter.
• Despite the selling, analysts remain generally bullish on APP, with an average rating of “Moderate Buy” and an average price target of $669.62; the company also recently beat earnings and revenue expectations.

Virtu Financial LLC lowered its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 85.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,719 shares of the company's stock after selling 32,357 shares during the quarter. Virtu Financial LLC's holdings in AppLovin were worth $3,853,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in APP. Redhawk Wealth Advisors Inc. increased its position in AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock worth $431,000 after buying an additional 18 shares during the period. Verdence Capital Advisors LLC boosted its holdings in shares of AppLovin by 5.7% during the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock valued at $224,000 after acquiring an additional 18 shares during the period. Claro Advisors LLC boosted its holdings in shares of AppLovin by 3.2% during the third quarter. Claro Advisors LLC now owns 647 shares of the company's stock valued at $465,000 after acquiring an additional 20 shares during the period. Strategic Advocates LLC grew its position in shares of AppLovin by 0.8% during the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company's stock worth $1,851,000 after acquiring an additional 21 shares during the last quarter. Finally, Finivi Inc. grew its position in shares of AppLovin by 3.2% during the fourth quarter. Finivi Inc. now owns 711 shares of the company's stock worth $479,000 after acquiring an additional 22 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the sale, the director directly owned 123,520 shares in the company, valued at approximately $71,893,580.80. The trade was a 2.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 389,924 shares of company stock worth $195,693,875. Company insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on APP shares. Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. UBS Group reduced their target price on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Wedbush restated an "outperform" rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Finally, Wells Fargo & Company lifted their price target on AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $669.62.

AppLovin Price Performance

Shares of NASDAQ APP opened at $469.71 on Friday. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The firm's 50-day simple moving average is $490.66 and its 200 day simple moving average is $518.14. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market cap of $157.79 billion, a P/E ratio of 40.35, a P/E/G ratio of 0.78 and a beta of 2.45.

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

AppLovin Profile

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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