Westfield Capital Management Co. LP Sells 50,720 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Westfield Capital Management Co. LP has reduced its stake in AppLovin Corporation by 14.6%, selling 50,720 shares and now owning approximately 0.09% of the company, valued at $78.7 million.
• Company insiders, including CTO Vasily Shikin and CEO Arash Adam Foroughi, have sold significant amounts of shares, with total insider sales in the last quarter amounting to $455 million.
• Analysts continue to have a positive outlook on AppLovin, with an average rating of "Moderate Buy" and a target price of $447.57.

Westfield Capital Management Co. LP lowered its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 14.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 297,188 shares of the company's stock after selling 50,720 shares during the period. Westfield Capital Management Co. LP owned about 0.09% of AppLovin worth $78,746,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC increased its holdings in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the period. Baillie Gifford & Co. increased its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Invesco Ltd. increased its holdings in AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the period. Dynasty Wealth Management LLC increased its holdings in 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 period. Finally, Jennison Associates LLC grew its holdings in shares of AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after acquiring an additional 1,107,104 shares during the period. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of NASDAQ:APP traded down $8.74 during midday trading on Tuesday, hitting $386.27. The company had a trading volume of 2,535,538 shares, compared to its average volume of 7,056,986. 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 company has a market cap of $130.71 billion, a price-to-earnings ratio of 69.72, a PEG ratio of 2.26 and a beta of 2.43. AppLovin Corporation has a 12-month low of $66.16 and a 12-month high of $525.15. The company has a fifty day moving average of $364.27 and a two-hundred day moving average of $337.95.

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

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 513 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the transaction, the director owned 3,451 shares in the company, valued at $1,450,455.30. This trade represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the transaction, the director owned 9,510 shares of the company's stock, valued at approximately $3,637,194.60. The trade was a 13.62% decrease in their position. 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 three months. 13.66% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Benchmark reiterated a "buy" rating and set a $525.00 target price on shares of AppLovin in a report on Thursday, May 8th. Jefferies Financial Group upped their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wedbush upgraded AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Scotiabank raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group boosted their price target on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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.