Ascent Group LLC Sells 590 Shares of AppLovin Corporation $APP

Key Points

• Ascent Group LLC reduced its stake in AppLovin Corporation by 10.6% in Q1, now holding 4,963 shares worth approximately $1.3 million.
• Vanguard Group Inc. increased its holdings in AppLovin by 7.3% during the same period, now owning nearly 17.8 million shares valued at $4.7 billion.
• In terms of analyst ratings, AppLovin has a consensus rating of "Moderate Buy" with an average target price of $482.86 and recent upgrades from multiple firms.

Ascent Group LLC cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 10.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,963 shares of the company's stock after selling 590 shares during the quarter. Ascent Group LLC's holdings in AppLovin were worth $1,315,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after acquiring an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. lifted its position in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Invesco Ltd. lifted its position in AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after acquiring an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp lifted its position in AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock valued at $762,849,000 after acquiring an additional 328,000 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on APP shares. Wells Fargo & Company upped their price objective on AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research report on Thursday, August 21st. Piper Sandler upped their price objective on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research report on Thursday, August 28th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Finally, Zacks Research upgraded shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and an average target price of $482.86.

AppLovin Stock Performance

APP opened at $558.17 on Wednesday. The company's 50 day moving average is $410.43 and its 200 day moving average is $349.45. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market cap of $188.80 billion, a price-to-earnings ratio of 79.29, a PEG ratio of 3.06 and a beta of 2.44. AppLovin Corporation has a 12-month low of $85.23 and a 12-month high of $559.24.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm's quarterly revenue was up 77.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.89 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the transaction, the chief executive officer owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate insiders.

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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