AppLovin Corporation $APP Shares Sold by Range Financial Group LLC

Key Points

• Range Financial Group LLC has reduced its stake in AppLovin Corporation by 43%, now holding 4,219 shares valued at about $1.48 million.
• AppLovin recently reported earnings of $2.26 per share for the last quarter, exceeding analyst estimates, although its revenue fell short at $1.26 billion.
• Research analysts have set new price targets for AppLovin, with Wells Fargo raising theirs to $491 and Wedbush to $725, reflecting a consensus of a "Moderate Buy" rating.

Range Financial Group LLC reduced its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 43.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,219 shares of the company's stock after selling 3,179 shares during the period. Range Financial Group LLC's holdings in AppLovin were worth $1,477,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Forum Financial Management LP boosted its position in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the last quarter. Vestcor Inc lifted its position in AppLovin by 0.8% during the first quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after buying an additional 33 shares in the last quarter. GSG Advisors LLC lifted its position in AppLovin by 0.3% during the first quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after buying an additional 35 shares in the last quarter. Argentarii LLC lifted its position in AppLovin by 1.5% during the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after buying an additional 40 shares in the last quarter. Finally, Atlas Capital Advisors Inc. lifted its position in AppLovin by 11.3% during the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after buying an additional 40 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on APP shares. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research report on Thursday, August 28th. Wells Fargo & Company lifted their price target on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research report on Thursday, August 21st. BTIG Research lifted their price target on shares of AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a research report on Monday. Finally, Wedbush lifted their price objective on shares of AppLovin from $620.00 to $725.00 and gave the company an "outperform" rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, AppLovin has an average rating of "Moderate Buy" and an average target price of $501.95.

AppLovin Stock Up 1.9%

Shares of NASDAQ:APP opened at $593.14 on Tuesday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a fifty day simple moving average of $429.47 and a 200 day simple moving average of $355.73. The firm has a market cap of $200.63 billion, a PE ratio of 84.25, a price-to-earnings-growth ratio of 3.25 and a beta of 2.44. AppLovin Corporation has a 12-month low of $110.90 and a 12-month high of $595.27.

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

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares in the company, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

About AppLovin

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.

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