Augustine Asset Management Inc. Sells 4,295 Shares of AppLovin Corporation $APP

Key Points

• Augustine Asset Management Inc. reduced its holding in AppLovin Corporation by 1.5%, selling 4,295 shares to maintain a total of 276,685 shares, which constitutes approximately 25.9% of its portfolio.
• AppLovin reported $2.26 EPS for the last quarter, surpassing expectations, while its revenue grew by 77.1% year-over-year despite falling short of the consensus estimate.
• Recent market activity shows significant insider selling, with CEO and Director selling large quantities of stock, amounting to over $514 million in total insider sales in the past ninety days.

Augustine Asset Management Inc. cut its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 1.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 276,685 shares of the company's stock after selling 4,295 shares during the period. AppLovin makes up approximately 25.9% of Augustine Asset Management Inc.'s holdings, making the stock its biggest position. Augustine Asset Management Inc. owned 0.08% of AppLovin worth $96,862,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of APP. Atala Financial Inc bought a new stake in AppLovin in the 1st quarter valued at $26,000. Alpine Bank Wealth Management bought a new stake in AppLovin in the 1st quarter valued at $27,000. ORG Wealth Partners LLC bought a new stake in AppLovin in the 1st quarter valued at $29,000. Bartlett & CO. Wealth Management LLC bought a new stake in AppLovin in the 1st quarter valued at $29,000. Finally, SouthState Corp bought a new stake in AppLovin in the 1st quarter valued at $29,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 4.7%

Shares of APP stock opened at $669.86 on Friday. AppLovin Corporation has a 12-month low of $126.53 and a 12-month high of $671.18. The company has a market capitalization of $226.58 billion, a P/E ratio of 95.15, a P/E/G ratio of 3.54 and a beta of 2.44. The firm has a 50-day moving average price of $480.60 and a 200 day moving average price of $376.48. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly 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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the firm posted $0.89 EPS. The firm's quarterly revenue was up 77.1% on a year-over-year basis. Research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. BTIG Research increased their price target on shares of AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a report on Monday, September 15th. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Zacks Research raised shares of AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Piper Sandler raised their price objective on shares of AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $540.76.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the transaction, the director directly owned 181,929 shares of the company's stock, valued at $78,682,473.21. This represents a 52.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last ninety days. Corporate insiders own 13.66% of the company's stock.

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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