AppLovin Corporation (NASDAQ:APP) Shares Sold by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP sold 1,719 shares of AppLovin Corporation, reducing its holdings by 9.0% in the first quarter, bringing its total shares to 17,340, valued at approximately $4.6 million.
• Insider Director Herald Y. Chen significantly decreased his stake in the company by selling over 571,420 shares recently for over $213 million, resulting in a 64.39% drop in his ownership.
• Analysts have varied price targets for AppLovin, with Jefferies Financial Group setting the highest at $530, and the overall consensus rating for the stock remains a "Moderate Buy."

Baker Avenue Asset Management LP cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 9.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,340 shares of the company's stock after selling 1,719 shares during the quarter. Baker Avenue Asset Management LP's holdings in AppLovin were worth $4,595,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in APP. Quadrant Capital Group LLC grew its stake in AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after acquiring an additional 33 shares during the last quarter. Forum Financial Management LP grew its stake in AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares during the last quarter. Vestcor Inc grew its stake in AppLovin by 0.8% in the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after acquiring an additional 33 shares during the last quarter. Argentarii LLC grew its stake in AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in AppLovin by 13.4% in the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after acquiring an additional 43 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer owned 192,421 shares of the company's stock, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director directly owned 9,510 shares of the company's stock, valued at $3,637,194.60. The trade was a 13.62% 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. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Down 3.0%

NASDAQ:APP traded down $11.53 during trading hours on Friday, hitting $379.17. The stock had a trading volume of 6,325,484 shares, compared to its average volume of 3,866,259. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The business has a 50 day simple moving average of $363.45 and a two-hundred day simple moving average of $337.54. The company has a market cap of $128.31 billion, a PE ratio of 68.44, a price-to-earnings-growth ratio of 2.26 and a beta of 2.43.

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. UBS Group upped their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. The Goldman Sachs Group increased their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Morgan Stanley increased their price objective on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $447.57.

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.