Assetmark Inc. Sells 8,693 Shares of AppLovin Corporation $APP

Key Points

• Assetmark Inc. cut its AppLovin stake by 35.5% in the first quarter, selling 8,693 shares and leaving it with 15,792 shares valued at about $6.29 million.
• Despite some hedge fund selling, institutional ownership remains significant, with investors like Vanguard, State Street, Geode, and Morgan Stanley holding large positions; institutions own 41.85% of the stock.
• Wall Street remains bullish on AppLovin: analysts have a consensus “Moderate Buy” rating and an average price target of $668.45, while the company recently beat earnings and revenue estimates in its latest quarterly report.

Assetmark Inc. lessened its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 35.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,792 shares of the company's stock after selling 8,693 shares during the quarter. Assetmark Inc.'s holdings in AppLovin were worth $6,285,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock valued at $16,926,746,000 after purchasing an additional 166,117 shares in the last quarter. State Street Corp raised its holdings in shares of AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company's stock worth $8,021,721,000 after buying an additional 52,377 shares during the period. Geode Capital Management LLC grew its stake in AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock worth $4,817,269,000 after acquiring an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in AppLovin by 3.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock worth $4,103,386,000 after purchasing an additional 212,349 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock valued at $3,747,551,000 after purchasing an additional 538,806 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Raymond James Financial initiated coverage on shares of AppLovin in a research note on Monday, June 29th. They set a "strong-buy" rating and a $640.00 price objective for the company. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Monday, June 22nd. Argus assumed coverage on AppLovin in a report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price objective for the company. Wells Fargo & Company increased their price target on shares of AppLovin from $571.00 to $575.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $668.45.

Insiders Place Their Bets

In other news, CFO Matthew Stumpf sold 9,052 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company's stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This represents a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 393,000 shares of company stock valued at $197,297,363. Corporate insiders own 12.81% of the company's stock.

AppLovin Trading Up 1.0%

NASDAQ APP opened at $428.69 on Wednesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $144.01 billion, a P/E ratio of 36.83, a PEG ratio of 0.69 and a beta of 2.49. The firm's 50-day moving average is $503.70 and its two-hundred day moving average is $484.09. AppLovin Corporation has a 12 month low of $343.00 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the company earned $1.67 earnings per share. The firm's quarterly revenue was up 58.9% compared to the same quarter last year. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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