AppLovin Corporation $APP Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors cut its AppLovin stake by 73.2% in the first quarter, selling 172,905 shares and retaining 63,351 shares valued at approximately $25.2 million.
• AppLovin insiders have also been selling: executives sold 393,000 shares worth about $197.3 million over the past three months, including sizable sales by the CEO and another insider.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $672.18 price target; the company recently exceeded quarterly earnings and revenue estimates, with revenue rising 58.9% year over year.

Pacer Advisors Inc. reduced its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 73.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,351 shares of the company's stock after selling 172,905 shares during the quarter. Pacer Advisors Inc.'s holdings in AppLovin were worth $25,214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in APP. Calamos Advisors LLC increased its holdings in shares of AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company's stock worth $32,840,000 after buying an additional 20,609 shares during the last quarter. Capricorn Fund Managers Ltd purchased a new position in shares of AppLovin in the 4th quarter worth $4,043,000. Dara Capital US Inc. acquired a new position in AppLovin in the fourth quarter valued at $1,747,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in AppLovin by 12.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 195,265 shares of the company's stock valued at $131,573,000 after acquiring an additional 21,427 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in AppLovin by 312.0% during the fourth quarter. Fifth Third Bancorp now owns 6,123 shares of the company's stock valued at $4,126,000 after acquiring an additional 4,637 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other news, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the transaction, the chief executive officer directly owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This represents a 0.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. BTIG Research restated a "buy" rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Weiss Ratings downgraded shares of AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Argus began coverage on shares of AppLovin in a report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price target on the stock. Piper Sandler reaffirmed an "overweight" rating on shares of AppLovin in a research report on Tuesday, July 7th. Finally, UBS Group boosted their price objective on shares of AppLovin from $750.00 to $798.00 and gave the stock a "buy" rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $672.18.

AppLovin Price Performance

APP stock opened at $406.16 on Tuesday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 1 year low of $359.00 and a 1 year high of $745.61. The firm has a market cap of $136.45 billion, a P/E ratio of 34.89, a price-to-earnings-growth ratio of 0.65 and a beta of 2.54. The stock has a 50-day simple moving average of $489.68 and a 200-day simple moving average of $469.11.

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

About AppLovin

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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