AppLovin Corporation $APP Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 29.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 44,408 shares of the company's stock after selling 18,833 shares during the period. iA Global Asset Management Inc.'s holdings in AppLovin were worth $22,880,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new position in AppLovin in the 1st quarter valued at $25,000. Washington Trust Advisors Inc. grew its position in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in AppLovin in the fourth quarter valued at $27,000. Pioneer Family Office LLC acquired a new position in AppLovin in the second quarter valued at $31,000. Finally, Laurel Wealth Advisors LLC acquired a new position in AppLovin in the fourth quarter valued at $32,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
• Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
• Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
• Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
• Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $315.44 on Friday. The firm has a market capitalization of $105.56 billion, a PE ratio of 24.25, a P/E/G ratio of 0.63 and a beta of 2.54. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. The business has a 50-day moving average of $447.84 and a two-hundred day moving average of $456.06. AppLovin Corporation has a 12 month low of $303.17 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting analysts' consensus estimates of $3.76. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company's quarterly revenue was up 52.8% compared to the same quarter last year. During the same period last year, the business posted $2.39 EPS. As a group, research analysts forecast that AppLovin Corporation will post 15.57 earnings per share for the current year.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 393,000 shares of company stock valued at $197,297,363 in the last three months. 12.81% of the stock is owned by company insiders.

Analyst Ratings Changes

APP has been the subject of several recent analyst reports. Piper Sandler cut AppLovin from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $665.00 to $385.00 in a report on Thursday, August 6th. Citigroup cut their price objective on shares of AppLovin from $710.00 to $650.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Weiss Ratings raised shares of AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Benchmark dropped their price target on shares of AppLovin from $775.00 to $500.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $357.00 price target (down from $575.00) on shares of AppLovin in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $565.91.

AppLovin Company 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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