Wellington Management Group LLP Sells 198,252 Shares of AppLovin Corporation $APP

Key Points

• Wellington Management Group LLP reduced its stake in AppLovin Corporation (NASDAQ:APP) by 15.1% in the 1st quarter, selling 198,252 shares and retaining approximately 1.1 million shares valued at $295.4 million.
• Several other institutional investors also adjusted their positions in AppLovin, with Korea Investment CORP increasing its stake by 23.3% to own over 210,000 shares worth $55.8 million.
• AppLovin's most recent earnings report showed a net margin of 45.72% and a year-over-year revenue growth of 77.1%, despite reporting lower than expected total revenue for the quarter.

Wellington Management Group LLP cut its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 15.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,115,025 shares of the company's stock after selling 198,252 shares during the period. Wellington Management Group LLP owned approximately 0.33% of AppLovin worth $295,448,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. bought a new stake in AppLovin in the fourth quarter worth $25,000. Atala Financial Inc bought a new position in shares of AppLovin during the first quarter valued at about $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin during the first quarter valued at about $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the first quarter valued at about $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin during the first quarter valued at about $29,000. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares of the company's stock, valued at approximately $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the director directly owned 381,929 shares of the company's stock, valued at $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 1,221,152 shares of company stock worth $538,490,378 over the last three months. Company insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on APP shares. 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. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. 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. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $472.86.

AppLovin Trading Up 5.5%

APP stock traded up $22.92 during trading on Friday, reaching $441.68. The company had a trading volume of 6,199,963 shares, compared to its average volume of 6,240,730. AppLovin Corporation has a 52 week low of $82.51 and a 52 week high of $525.15. The company has a market cap of $149.40 billion, a P/E ratio of 62.74, a PEG ratio of 2.34 and a beta of 2.43. The business has a 50 day moving average of $375.38 and a 200 day moving average of $345.14. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last released 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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the firm earned $0.89 earnings per share. AppLovin's revenue was up 77.1% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin Company 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.