AppLovin Corporation (NASDAQ:APP) Shares Sold by Allen Investment Management LLC

Key Points

• Allen Investment Management LLC reduced its stake in AppLovin Corporation by 19.2% during the first quarter, bringing its holdings to 11,420 shares valued at approximately $3 million.
• FMR LLC significantly increased its investment in AppLovin by 75.5%, now owning over 13.8 million shares valued at about $4.5 billion.
• AppLovin reported a 40.3% year-over-year increase in revenue for the most recent quarter, reaching $1.48 billion, and earnings per share of $1.67, exceeding analysts' expectations.

Allen Investment Management LLC decreased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 19.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,420 shares of the company's stock after selling 2,710 shares during the period. Allen Investment Management LLC's holdings in AppLovin were worth $3,026,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC bought a new stake in AppLovin in the fourth quarter worth about $294,000. Corebridge Financial Inc. lifted its stake in AppLovin by 381.6% in the fourth quarter. Corebridge Financial Inc. now owns 24,258 shares of the company's stock worth $7,855,000 after purchasing an additional 19,221 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in AppLovin by 11.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 193,288 shares of the company's stock worth $67,776,000 after purchasing an additional 19,753 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its stake in AppLovin by 13.7% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 20,629 shares of the company's stock worth $6,680,000 after purchasing an additional 2,484 shares during the last quarter. Finally, Sava Infond d.o.o. bought a new stake in AppLovin in the fourth quarter worth about $130,000. Institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on APP. Loop Capital reissued a "buy" rating and set a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. Jefferies Financial Group lifted their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Benchmark reaffirmed a "buy" rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $470.00 price target (up from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Finally, UBS Group lifted their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Stock Performance

AppLovin stock traded up $4.20 during midday trading on Friday, hitting $364.14. 2,880,710 shares of the company's stock were exchanged, compared to its average volume of 4,896,801. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a market cap of $123.22 billion, a price-to-earnings ratio of 65.73, a price-to-earnings-growth ratio of 2.17 and a beta of 2.42. The firm's 50 day simple moving average is $362.09 and its 200 day simple moving average is $335.83.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's quarterly revenue was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 earnings per share. Equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 171,420 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the completion of the transaction, the director owned 221,209 shares of the company's stock, valued at $82,681,287.93. The trade was a 43.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by insiders.

AppLovin 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.