Broadleaf Partners LLC Sells 4,004 Shares of AppLovin Corporation $APP

Key Points

• Broadleaf Partners LLC cut its AppLovin stake by 33.8% in the fourth quarter, selling 4,004 shares and leaving it with 7,847 shares worth about $5.29 million.
• Institutional ownership remains high, with large firms like Vanguard, State Street, and Norges Bank adding or initiating sizable positions; overall, institutions hold 41.85% of AppLovin shares.
• AppLovin recently beat Q1 expectations, reporting $3.56 EPS and $1.84 billion in revenue, while analysts still view the stock favorably with a consensus Moderate Buy rating and a $669.62 target price.

Broadleaf Partners LLC trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 33.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,847 shares of the company's stock after selling 4,004 shares during the period. Broadleaf Partners LLC's holdings in AppLovin were worth $5,287,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of AppLovin by 39.4% during the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock worth $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp increased its holdings in shares of AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Norges Bank purchased a new stake in shares of AppLovin during the 4th quarter valued at $2,040,321,000. Capital Research Global Investors purchased a new stake in shares of AppLovin during the 3rd quarter valued at $743,899,000. Finally, Northern Trust Corp raised its position in shares of AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after buying an additional 756,660 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

APP has been the topic of several research reports. Arete Research set a $340.00 price objective on shares of AppLovin and gave the company a "neutral" rating in a research report on Monday, March 2nd. Oppenheimer cut their target price on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. Argus started coverage on AppLovin in a research note on Tuesday, April 14th. They issued a "buy" rating and a $520.00 target price for the company. Weiss Ratings lowered AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of AppLovin in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $669.62.

AppLovin Trading Up 3.8%

NASDAQ APP opened at $496.77 on Friday. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. The stock has a market cap of $166.88 billion, a P/E ratio of 42.68, a P/E/G ratio of 0.78 and a beta of 2.45. The stock's fifty day moving average price is $482.88 and its 200-day moving average price is $520.84. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping 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 firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The company's quarterly revenue was up 58.9% on a year-over-year basis. As a group, equities analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Insider Transactions at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the firm's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares of the company's stock, valued at $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 389,924 shares of company stock valued at $187,404,946. Company insiders own 13.66% of the company's stock.

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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