AppLovin Corporation (NASDAQ:APP) Shares Sold by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC lessened its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 66.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,810 shares of the company's stock after selling 13,626 shares during the period. Kestra Private Wealth Services LLC's holdings in AppLovin were worth $1,804,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. HighPoint Advisor Group LLC grew its stake in AppLovin by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after buying an additional 31 shares during the period. Quadrant Capital Group LLC boosted 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 valued at $170,000 after purchasing an additional 33 shares during the period. Forum Financial Management LP boosted 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 valued at $1,223,000 after purchasing an additional 33 shares during the period. Argentarii LLC boosted its stake in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after purchasing an additional 40 shares during the period. Finally, Versant Capital Management Inc boosted 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 valued at $97,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Down 4.4%

Shares of NASDAQ APP opened at $350.00 on Wednesday. The firm's 50-day simple moving average is $362.51 and its 200 day simple moving average is $335.12. The company has a market cap of $118.44 billion, a price-to-earnings ratio of 63.18, a price-to-earnings-growth ratio of 2.17 and a beta of 2.42. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. The Goldman Sachs Group lifted their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. HSBC set a $436.00 price objective on shares of AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Morgan Stanley lifted their price objective on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, Jefferies Financial Group lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $438.43.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction that occurred on 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 sale, the chief technology officer 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 100,000 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the sale, the director directly owned 181,929 shares of the company's stock, valued at $76,393,806.39. This represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 in the last quarter. Company insiders own 13.66% of the company's stock.

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.

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