Mediolanum International Funds Ltd Sells 2,940 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Mediolanum International Funds Ltd reduced its stake in AppLovin Corporation by 6.3% in the first quarter, now holding 43,564 shares valued at approximately $11.87 million.
• Several analysts have given AppLovin a moderate buy rating, with price targets reaching up to $525.00, indicating strong confidence in the stock's growth potential.
• Insider activity revealed significant sales, including CTO Vasily Shikin selling 34,766 shares worth over $12 million, which has influenced the perception of the stock’s short-term performance.

Mediolanum International Funds Ltd trimmed its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 6.3% 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 43,564 shares of the company's stock after selling 2,940 shares during the quarter. Mediolanum International Funds Ltd's holdings in AppLovin were worth $11,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of APP. 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 valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. Dynasty Wealth Management LLC increased its position in shares of AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of AppLovin by 193.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after acquiring an additional 1,797,027 shares during the period. Finally, Capital World Investors bought a new position in AppLovin in the 4th quarter worth about $421,470,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 34,766 shares of the company'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 owned 70,889 shares of the company's stock, valued at $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 171,420 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total value of $64,071,653.40. Following the completion of the transaction, the director directly owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. This trade represents a 43.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Jefferies Financial Group raised their price objective on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. UBS Group lifted their price target on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. HSBC set a $436.00 price target on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Finally, Wedbush raised AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $447.57.

AppLovin Stock Performance

AppLovin stock traded down $0.25 during mid-day trading on Wednesday, reaching $361.38. 765,063 shares of the stock traded hands, compared to its average volume of 7,094,036. The business's 50-day moving average is $362.07 and its 200-day moving average is $336.42. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The stock has a market capitalization of $122.29 billion, a PE ratio of 65.48, a price-to-earnings-growth ratio of 2.21 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.67 earnings per share. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal 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.