Belpointe Asset Management LLC Lowers Position in AppLovin Corporation $APP

Key Points

• Belpointe Asset Management LLC reduced its stake in AppLovin Corporation by 42.5% during the 1st quarter, owning 5,124 shares valued at approximately $1.36 million after selling 3,792 shares.
• Vanguard Group Inc. increased its position in AppLovin by 7.3%, owning over 17.8 million shares valued at around $4.72 billion, following several other institutional investments.
• AppLovin reported an earnings per share (EPS) of $2.26 for the last quarter, exceeding the consensus estimate of $2.05, although revenue of $1.26 billion fell short of expectations.

Belpointe Asset Management LLC cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 42.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,124 shares of the company's stock after selling 3,792 shares during the period. Belpointe Asset Management LLC's holdings in AppLovin were worth $1,358,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in 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 purchasing an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in AppLovin by 36.7% during the first 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 purchasing an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. lifted its position in AppLovin by 29.0% during the first 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 in the last quarter. Invesco Ltd. lifted its position in AppLovin by 32.9% during the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after purchasing an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp lifted its position in AppLovin by 12.9% during the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock valued at $762,849,000 after purchasing an additional 328,000 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Trading Up 0.7%

Shares of APP stock opened at $571.31 on Friday. AppLovin Corporation has a 12-month low of $97.35 and a 12-month high of $576.44. 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 stock's 50-day moving average price is $419.67 and its 200-day moving average price is $352.06. The stock has a market capitalization of $193.25 billion, a price-to-earnings ratio of 81.15, a price-to-earnings-growth ratio of 3.17 and a beta of 2.44.

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

Insider Transactions at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the sale, the director directly owned 3,150 shares of the company's stock, valued at $1,537,105.50. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on APP shares. Citigroup restated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Piper Sandler boosted 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. BTIG Research boosted their price objective on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wells Fargo & Company boosted 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. Finally, Zacks Research upgraded AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $482.86.

AppLovin Company 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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