AppLovin Corporation $APP Shares Sold by Ascent Group LLC

Key Points

• Ascent Group LLC reduced its stake in AppLovin Corporation by 35.6% in the second quarter, now holding 3,197 shares valued at approximately $1.12 million.
• AppLovin reported $2.26 EPS for the last quarter, exceeding expectations, with revenue of $1.26 billion, showing a 77.1% increase year-over-year.
• Insiders have sold a total of 1,156,788 shares worth over $514 million in the past quarter, indicating significant insider trading activity.

Ascent Group LLC cut its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 35.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,197 shares of the company's stock after selling 1,766 shares during the quarter. Ascent Group LLC's holdings in AppLovin were worth $1,119,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin during the fourth quarter worth approximately $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin in the 4th quarter worth $239,000. NBC Securities Inc. bought a new stake in shares of AppLovin in the 1st quarter worth $34,000. TB Alternative Assets Ltd. acquired a new stake in shares of AppLovin in the first quarter valued at $1,701,000. Finally, Wedmont Private Capital boosted its stake in AppLovin by 12.2% during the first quarter. Wedmont Private Capital now owns 7,095 shares of the company's stock valued at $1,773,000 after buying an additional 773 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $682.76 on Monday. The company's fifty day moving average is $514.58 and its two-hundred day moving average is $392.05. The company has a market cap of $230.94 billion, a P/E ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53. AppLovin Corporation has a 12-month low of $135.50 and a 12-month high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.AppLovin's revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.89 earnings per share. Equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Piper Sandler lifted their price target on shares of AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Weiss Ratings reiterated a "buy (b-)" rating on shares of AppLovin in a research report on Saturday, September 27th. Finally, BTIG Research lifted their target price on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average target price of $578.86.

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.

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