Skandinaviska Enskilda Banken AB publ Cuts Stake in AppLovin Corporation (NASDAQ:APP)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in AppLovin Corporation by 2.7%, owning 54,472 shares after selling 1,500 shares, with a value of approximately $14.43 million.
• AppLovin reported quarterly earnings of $1.67 EPS, exceeding the expected $1.45 EPS, with revenue reaching $1.48 billion, a 40.3% increase year-over-year.
• Several analysts have raised their price targets for AppLovin, with recommendations varying from "buy" to "strong-buy,” leading to a consensus target price of $447.57.

Skandinaviska Enskilda Banken AB publ reduced its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,472 shares of the company's stock after selling 1,500 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in AppLovin were worth $14,433,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin in the fourth quarter valued at about $25,000. Atala Financial Inc bought a new position in shares of AppLovin in the first quarter valued at about $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin in the first quarter valued at about $27,000. Tucker Asset Management LLC bought a new position in shares of AppLovin in the fourth quarter valued at about $28,000. Finally, ORG Wealth Partners LLC bought a new position in shares of AppLovin in the first quarter valued at about $29,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 0.0%

Shares of NASDAQ:APP traded up $0.17 during mid-day trading on Wednesday, hitting $361.80. The company had a trading volume of 684,229 shares, compared to its average volume of 7,093,542. The firm has a fifty day moving average price of $362.07 and a 200 day moving average price of $336.42. The company has a market capitalization of $122.43 billion, a PE ratio of 65.36, a price-to-earnings-growth ratio of 2.21 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted 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. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business 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 firm posted $0.67 EPS. AppLovin's revenue was up 40.3% compared to the same quarter last year. As a group, research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on APP shares. HSBC set a $436.00 price objective on shares of AppLovin and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Citigroup restated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Wall Street Zen upgraded shares of AppLovin from a "hold" rating to a "buy" rating in a research note on Saturday. Scotiabank upgraded shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, BTIG Research upped their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and a consensus price target of $447.57.

Insiders Place Their Bets

In related news, Director Barbara Messing sold 1,500 shares of AppLovin stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the completion of the sale, the director owned 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction on Friday, June 6th. The stock was sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the transaction, the director directly owned 181,929 shares in the company, valued at $76,393,806.39. This represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last quarter. Insiders own 13.66% of the company's stock.

About AppLovin

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.