Belpointe Asset Management LLC Decreases Stake in AppLovin Corporation $APP

Key Points

• Belpointe Asset Management LLC has significantly reduced its stake in AppLovin Corporation (41.2%) during the second quarter, now holding 3,014 shares valued at approximately $1,055,000.
• Several institutional investors, including Fortitude Family Office LLC and Atlas Capital Advisors Inc., have increased their positions in AppLovin, contributing to a total of 41.85% of the stock being owned by institutional investors.
• AppLovin's recent earnings report showed a profit of $2.26 per share, beating expectations, although revenue fell short of estimates with $1.26 billion reported.

Belpointe Asset Management LLC reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 41.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,014 shares of the company's stock after selling 2,110 shares during the quarter. Belpointe Asset Management LLC's holdings in AppLovin were worth $1,055,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vestcor Inc raised its position in shares of AppLovin by 0.8% in the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after purchasing an additional 33 shares during the last quarter. Fortitude Family Office LLC raised its position in shares of AppLovin by 32.7% in the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company's stock valued at $48,000 after purchasing an additional 34 shares during the last quarter. GSG Advisors LLC raised its position in shares of AppLovin by 0.3% in the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after purchasing an additional 35 shares during the last quarter. Argentarii LLC raised its position in shares of AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after purchasing an additional 40 shares during the last quarter. Finally, Atlas Capital Advisors Inc. raised its position in shares of AppLovin by 11.3% in the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after purchasing an additional 40 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Eduardo Vivas sold 125,000 shares of AppLovin stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at $3,394,014,072. The trade was a 1.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on APP shares. Wedbush increased their price objective on shares of AppLovin from $725.00 to $745.00 and gave the company an "outperform" rating in a research report on Monday. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. BTIG Research raised their price target on shares of AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Bank of America raised their price target on shares of AppLovin from $580.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Finally, Phillip Securities raised shares of AppLovin to a "moderate buy" rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $579.81.

AppLovin Price Performance

NASDAQ:APP opened at $631.85 on Wednesday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market cap of $213.72 billion, a price-to-earnings ratio of 89.75, a price-to-earnings-growth ratio of 3.22 and a beta of 2.53. The company has a 50 day moving average price of $524.30 and a 200-day moving average price of $395.61. AppLovin Corporation has a 1-year low of $139.40 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm 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 business's quarterly revenue was up 77.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 EPS. Equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

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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