AppLovin Corporation $APP Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group cut its AppLovin stake by 57.5% in the second quarter, selling 7,175 shares and retaining 5,311 shares valued at approximately $2.74 million. Institutional investors and hedge funds collectively own 41.85% of the company.
• Despite the recent selling, Wall Street remains generally positive: analysts give AppLovin a consensus “Moderate Buy” rating with an average price target of $529.39.
• AppLovin shares opened at $326.56, down 1.5%, and remain well below their 52-week high of $745.61. The company recently reported $3.76 in quarterly EPS and $1.92 billion in revenue, with revenue rising 52.8% year over year.

Baird Financial Group Inc. lowered its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 57.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,311 shares of the company's stock after selling 7,175 shares during the quarter. Baird Financial Group Inc.'s holdings in AppLovin were worth $2,736,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. State Street Corp increased its holdings in AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock worth $8,021,721,000 after purchasing an additional 52,377 shares during the period. Geode Capital Management LLC boosted its stake in shares of AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock valued at $4,817,269,000 after buying an additional 448,005 shares during the period. WCM Investment Management LLC grew its position in shares of AppLovin by 5.2% during the first quarter. WCM Investment Management LLC now owns 5,001,600 shares of the company's stock worth $1,860,995,000 after buying an additional 245,290 shares in the last quarter. Invesco Ltd. grew its position in shares of AppLovin by 12.3% during the fourth quarter. Invesco Ltd. now owns 4,821,046 shares of the company's stock worth $3,248,517,000 after buying an additional 528,294 shares in the last quarter. Finally, Corient Private Wealth LLC increased its stake in shares of AppLovin by 3,118.6% during the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company's stock worth $2,826,049,000 after buying an additional 4,063,763 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

APP has been the topic of several analyst reports. Evercore reaffirmed an "outperform" rating and issued a $510.00 target price on shares of AppLovin in a report on Tuesday, September 1st. Wedbush lowered their price target on shares of AppLovin from $640.00 to $610.00 and set an "outperform" rating for the company in a report on Thursday, August 6th. KeyCorp set a $775.00 price objective on shares of AppLovin in a research report on Wednesday, June 10th. Citigroup restated a "buy" rating on shares of AppLovin in a report on Friday, September 11th. Finally, BTIG Research decreased their price objective on shares of AppLovin from $408.00 to $396.00 and set a "buy" rating for the company in a research report on Tuesday, September 8th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $529.39.

AppLovin Stock Down 1.5%

Shares of NASDAQ:APP opened at $326.56 on Thursday. The company has a market capitalization of $109.28 billion, a PE ratio of 25.10, a P/E/G ratio of 0.69 and a beta of 2.49. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a twelve month low of $297.50 and a twelve month high of $745.61. The firm has a 50 day simple moving average of $361.42 and a 200-day simple moving average of $435.81.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $3.76 EPS for the quarter, meeting analysts' consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the firm posted $2.39 EPS. The company's revenue was up 52.8% on a year-over-year basis. On average, equities analysts predict that AppLovin Corporation will post 15.76 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, Director G Jr sold 3,076 shares of the firm's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director owned 120,444 shares of the company's stock, valued at approximately $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.81% of the stock is owned by corporate insiders.

About AppLovin

AppLovin Corporation NASDAQ: APP is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin's offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.