Guggenheim Capital LLC Decreases Holdings in AppLovin Corporation $APP

Key Points

• Guggenheim Capital LLC reduced its holdings in AppLovin Corporation by 17.4% during Q1, owning 69,843 shares worth approximately $18.5 million after selling 14,679 shares.
• Analysts have varied ratings for AppLovin, with a consensus rating of "Moderate Buy" and an average price target of $472.86.
• Insider transactions indicate a significant sell-off, with insiders offloading over 1.2 million shares, amounting to around $545 million in the last quarter.

Guggenheim Capital LLC trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 17.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,843 shares of the company's stock after selling 14,679 shares during the quarter. Guggenheim Capital LLC's holdings in AppLovin were worth $18,506,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. boosted its stake in shares of AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Finally, Dynasty Wealth Management LLC boosted its stake in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the sale, the chief executive officer owned 2,620,054 shares in the company, valued at $1,103,147,536.16. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total transaction of $92,938,000.00. Following the completion of the sale, the director owned 381,929 shares of the company's stock, valued at approximately $177,478,587.01. This represents a 34.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,236,152 shares of company stock valued at $545,240,378 over the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 1.1%

Shares of AppLovin stock traded down $5.16 during trading hours on Friday, reaching $478.59. The company's stock had a trading volume of 5,135,135 shares, compared to its average volume of 6,516,874. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15. The company has a market capitalization of $161.88 billion, a P/E ratio of 67.98, a P/E/G ratio of 2.70 and a beta of 2.43. The stock's fifty day simple moving average is $387.40 and its two-hundred day simple moving average is $348.32. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the firm earned $0.89 earnings per share. The business's quarterly revenue was up 77.1% compared to the same quarter last year. On average, research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Tuesday. Jefferies Financial Group upped their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Morgan Stanley upped their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research note on Thursday. Finally, Wedbush reaffirmed an "outperform" rating and issued a $620.00 price objective on shares of AppLovin in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $478.81.

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.