AppLovin Corporation $APP Stock Position Trimmed by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC has reduced its stake in AppLovin Corporation by 7.7%, holding 7,839 shares valued at $2.74 million after selling 656 shares.
• Insider Victoria Valenzuela sold 35,000 shares of AppLovin stock for approximately $17.58 million, representing an 11.48% decrease in her ownership.
• A number of analysts have raised their price targets on AppLovin, with BTIG Research increasing theirs from $547 to $664 and maintaining a "buy" rating.

Exchange Traded Concepts LLC cut its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 7.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,839 shares of the company's stock after selling 656 shares during the quarter. Exchange Traded Concepts LLC's holdings in AppLovin were worth $2,744,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. lifted its position in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. lifted its position in AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp raised its position in shares of AppLovin by 12.9% during the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock worth $762,849,000 after buying an additional 328,000 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction that occurred 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 transaction, the insider directly owned 269,955 shares of the company's stock, valued at $135,579,499.65. This trade represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction that occurred on Thursday, August 21st. The stock was 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 directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last 90 days. 13.66% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BTIG Research boosted their price target on shares of AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Morgan Stanley boosted their price target on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Citigroup restated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Wells Fargo & Company boosted their price target on shares of AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research report on Thursday, August 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $501.95.

AppLovin Stock Up 4.5%

NASDAQ APP opened at $649.59 on Friday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The company's 50 day simple moving average is $451.52 and its 200 day simple moving average is $363.67. AppLovin Corporation has a 12 month low of $123.51 and a 12 month high of $653.06. The company has a market capitalization of $219.72 billion, a P/E ratio of 92.27, a PEG ratio of 3.60 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business's revenue for the quarter was up 77.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 EPS. Equities research analysts expect 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.

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