AppLovin Corporation $APP Shares Sold by Sanctuary Advisors LLC

Key Points

• Sanctuary Advisors LLC reduced its AppLovin stake by 7.4% in the first quarter, selling 2,665 shares and leaving it with 33,365 shares worth about $13.3 million.
• Despite the sale, Wall Street remains broadly positive on AppLovin: analysts currently rate the stock a “Moderate Buy,” with a consensus price target of $668.45.
• AppLovin reported strong first-quarter results, beating EPS and revenue estimates, while revenue jumped 58.9% year over year to $1.84 billion.

Sanctuary Advisors LLC decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 33,365 shares of the company's stock after selling 2,665 shares during the period. Sanctuary Advisors LLC's holdings in AppLovin were worth $13,279,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Board of the Pension Protection Fund acquired a new stake in shares of AppLovin during the fourth quarter worth $27,000. Washington Trust Advisors Inc. increased its stake in 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 last quarter. Mcguire Capital Advisors Inc. acquired a new position in AppLovin in the fourth quarter valued at $27,000. Laurel Wealth Advisors LLC purchased a new position in AppLovin during the fourth quarter worth about $32,000. Finally, First Pacific Financial acquired a new stake in AppLovin in the 1st quarter worth about $33,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. UBS Group dropped their price objective on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Monday, June 22nd. Morgan Stanley restated an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Finally, BTIG Research reaffirmed a "buy" rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $668.45.

AppLovin Stock Performance

NASDAQ APP opened at $434.48 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a 1-year low of $343.00 and a 1-year high of $745.61. The firm has a market capitalization of $145.96 billion, a P/E ratio of 37.33, a P/E/G ratio of 0.74 and a beta of 2.49. The business's 50-day simple moving average is $506.89 and its 200-day simple moving average is $489.64.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 EPS. The company's revenue was up 58.9% on a year-over-year basis. Equities analysts predict that AppLovin Corporation will post 15.93 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total value of $30,423,513.68. Following the transaction, the chief technology officer directly owned 3,189,739 shares of the company's stock, valued at $1,545,173,366.38. This trade represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 393,000 shares of company stock worth $197,297,363. Corporate insiders own 13.66% of the company's stock.

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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