AppLovin Corporation $APP Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its AppLovin stake by 12.6% in the first quarter, selling 455,167 shares and retaining 3.16 million shares worth approximately $1.26 billion. Institutional investors and hedge funds collectively own 41.85% of the company.
• Analysts remain broadly bullish, with AppLovin holding a consensus “Moderate Buy” rating and an average price target of $668.45. Recent targets include $640 from BTIG and $575 from Wells Fargo, while Weiss Ratings downgraded the stock to “Hold.”
• Insiders sold 393,000 shares worth roughly $197.3 million over the past 90 days. Despite the selling, AppLovin reported quarterly revenue growth of 58.9% year over year to $1.84 billion and earnings of $3.56 per share, exceeding estimates.

Bank of America Corp DE lowered its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 12.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,155,406 shares of the company's stock after selling 455,167 shares during the period. Bank of America Corp DE owned 0.94% of AppLovin worth $1,255,852,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in APP. Oddo BHF Asset Management Sas increased its position in AppLovin by 49.5% during the first quarter. Oddo BHF Asset Management Sas now owns 12,080 shares of the company's stock worth $4,808,000 after purchasing an additional 3,999 shares during the last quarter. Arkadios Wealth Advisors lifted its position in AppLovin by 674.7% during the 1st quarter. Arkadios Wealth Advisors now owns 11,117 shares of the company's stock worth $4,424,000 after acquiring an additional 9,682 shares in the last quarter. South Dakota Investment Council purchased a new stake in shares of AppLovin during the first quarter worth about $1,003,000. Altshuler Shaham Ltd increased its holdings in AppLovin by 11,487.5% during the 1st quarter. Altshuler Shaham Ltd now owns 127,810 shares of the company's stock worth $50,868,000 after purchasing an additional 126,707 shares during the last quarter. Finally, Smith Group Asset Management LLC increased its stake in AppLovin by 7.8% during the first quarter. Smith Group Asset Management LLC now owns 99,195 shares of the company's stock valued at $39,480,000 after purchasing an additional 7,156 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on APP shares. BTIG Research reaffirmed a "buy" rating and issued a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Wells Fargo & Company raised their target price on shares of AppLovin from $571.00 to $575.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Monday, June 22nd. Piper Sandler reissued an "overweight" rating on shares of AppLovin in a report on Tuesday, July 7th. Finally, Weiss Ratings lowered AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $668.45.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 20,000 shares of the business'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 value of $11,317,800.00. Following the sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares of the company's stock, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 393,000 shares of company stock worth $197,297,363. Company insiders own 12.81% of the company's stock.

AppLovin Stock Performance

APP stock opened at $403.87 on Friday. The company has a market capitalization of $135.68 billion, a P/E ratio of 34.70, a PEG ratio of 0.65 and a beta of 2.49. The company has a 50-day simple moving average of $492.91 and a 200 day simple moving average of $472.81. AppLovin Corporation has a fifty-two week low of $359.00 and a fifty-two week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter last year, the company earned $1.67 EPS. AppLovin's quarterly revenue was up 58.9% on a year-over-year basis. Sell-side analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current fiscal 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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