Aviance Capital Partners LLC Trims Stake in AppLovin Corporation (NASDAQ:APP)

Aviance Capital Partners LLC cut its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 53.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,200 shares of the company's stock after selling 1,373 shares during the period. Aviance Capital Partners LLC's holdings in AppLovin were worth $318,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of APP. HighPoint Advisor Group LLC grew its stake in shares of AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after acquiring an additional 31 shares during the period. Quadrant Capital Group LLC grew its stake in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after acquiring an additional 33 shares during the period. Forum Financial Management LP grew its stake in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the period. Truvestments Capital LLC grew its stake in shares of AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of AppLovin by 13.4% in the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after acquiring an additional 43 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the transaction, the director owned 221,209 shares in the company, valued at approximately $82,867,103.49. This represents a 64.39% 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 100,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. This represents a 3.50% 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 valued at $455,062,980. Company insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on APP. 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 research note on Thursday, May 8th. Oppenheimer restated an "outperform" rating and set a $500.00 target price (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. FBN Securities assumed coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 target price for the company. Finally, Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $438.43.

AppLovin Price Performance

Shares of APP traded down $0.25 during mid-day trading on Tuesday, reaching $344.75. The stock had a trading volume of 3,019,004 shares, compared to its average volume of 6,210,510. The firm has a market cap of $116.66 billion, a price-to-earnings ratio of 62.23, a PEG ratio of 2.06 and a beta of 2.42. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The business has a fifty day moving average of $354.67 and a 200 day moving average of $334.24. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68.

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

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.