AppLovin Corporation (NASDAQ:APP) Shares Sold by Augustine Asset Management Inc.

Augustine Asset Management Inc. lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 280,980 shares of the company's stock after selling 21,042 shares during the quarter. AppLovin makes up about 21.8% of Augustine Asset Management Inc.'s investment portfolio, making the stock its largest holding. Augustine Asset Management Inc. owned about 0.08% of AppLovin worth $74,451,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares during the period. SVB Wealth LLC acquired a new position in AppLovin in the fourth quarter worth $1,781,922,000. Geode Capital Management LLC boosted its holdings in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after purchasing an additional 573,310 shares during the period. Invesco Ltd. boosted its holdings in AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after purchasing an additional 1,222,074 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in AppLovin by 457.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after purchasing an additional 2,373,885 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on APP. Piper Sandler reaffirmed an "overweight" rating and issued a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a report on Thursday. Oppenheimer reiterated an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. FBN Securities assumed coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price on the stock. JPMorgan Chase & Co. raised their target price on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Finally, UBS Group raised their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $438.85.

Insiders Place Their Bets

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the sale, the director now directly owns 2,987 shares in the company, valued at approximately $1,054,769.44. The trade was a 80.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,700 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the completion of the sale, the chief executive officer now owns 2,760,363 shares in the company, valued at approximately $1,009,023,091.02. This trade represents a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by corporate insiders.

AppLovin Price Performance

Shares of NASDAQ APP opened at $333.78 on Friday. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm's 50-day simple moving average is $343.55 and its 200 day simple moving average is $333.63. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a market cap of $112.95 billion, a P/E ratio of 60.25, a P/E/G ratio of 1.94 and a beta of 2.53.

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