Blair William & Co. IL Lowers Holdings in AppLovin Corporation (NASDAQ:APP)

Key Points

• Blair William & Co. IL has reduced its holdings in AppLovin Corporation by 38.5%, selling 60,590 shares for a remaining value of approximately $25.6 million.
• **Insider trading** was notable, with Director Herald Y. Chen selling 100,000 shares valued at **$41.99 million**, representing a 35.47% decrease in their ownership.
• AppLovin reported strong quarterly earnings with a **40.3% year-over-year revenue increase**, achieving $1.48 billion in revenue and $1.67 EPS, surpassing analysts' expectations.

Blair William & Co. IL cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 38.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 96,596 shares of the company's stock after selling 60,590 shares during the quarter. Blair William & Co. IL's holdings in AppLovin were worth $25,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Fuller & Thaler Asset Management Inc. bought a new stake in AppLovin in the fourth quarter worth $25,000. Atala Financial Inc bought a new stake in shares of AppLovin in the 1st quarter valued at about $26,000. ORG Wealth Partners LLC purchased a new stake in AppLovin during the 1st quarter valued at about $29,000. Alpine Bank Wealth Management bought a new position in AppLovin during the 1st quarter worth approximately $27,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new position in AppLovin in the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler raised their target price on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday. Jefferies Financial Group boosted their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wells Fargo & Company raised their target price on AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a research note on Thursday. Scotiabank raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $452.57.

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction on Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the transaction, the director directly owned 3,451 shares in the company, valued at approximately $1,450,455.30. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. This trade represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock valued at $455,062,980 in the last 90 days. 13.66% of the stock is owned by company insiders.

AppLovin Stock Performance

Shares of NASDAQ:APP traded up $51.73 during midday trading on Thursday, reaching $442.30. 13,475,240 shares of the company's stock traded hands, compared to its average volume of 7,162,054. AppLovin Corporation has a one year low of $66.16 and a one year high of $525.15. The stock has a 50 day moving average of $364.21 and a 200 day moving average of $338.59. The company has a market cap of $149.67 billion, a price-to-earnings ratio of 79.95, a P/E/G ratio of 2.25 and a beta of 2.43. 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 announced its quarterly 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. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the business posted $0.89 earnings per share. The business's revenue for the quarter was up 77.1% on a year-over-year basis. As a group, equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS 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.