Burns Matteson Capital Management LLC Sells 2,215 Shares of AppLovin Corporation (NASDAQ:APP)

Burns Matteson Capital Management LLC lessened its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 62.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,320 shares of the company's stock after selling 2,215 shares during the period. Burns Matteson Capital Management LLC's holdings in AppLovin were worth $350,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in AppLovin by 23.5% in the first quarter. Victory Capital Management Inc. now owns 420,725 shares of the company's stock worth $111,480,000 after purchasing an additional 80,016 shares during the period. Larson Financial Group LLC boosted its holdings in shares of AppLovin by 274.9% during the first quarter. Larson Financial Group LLC now owns 806 shares of the company's stock valued at $214,000 after acquiring an additional 591 shares during the period. Wealthfront Advisers LLC lifted its holdings in AppLovin by 16.4% in the first quarter. Wealthfront Advisers LLC now owns 22,130 shares of the company's stock worth $5,864,000 after purchasing an additional 3,118 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in AppLovin by 59.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 201 shares of the company's stock worth $53,000 after purchasing an additional 75 shares during the period. Finally, ESG Planning DBA Harper Investing bought a new stake in AppLovin in the first quarter worth about $965,000. Institutional investors own 41.85% of the company's stock.

AppLovin Trading Up 0.2%

AppLovin stock traded up $0.68 during mid-day trading on Friday, hitting $364.46. The stock had a trading volume of 4,818,310 shares, compared to its average volume of 6,271,005. The stock has a 50-day simple moving average of $362.51 and a two-hundred day simple moving average of $335.09. The stock has a market capitalization of $123.33 billion, a PE ratio of 65.79, a P/E/G ratio of 2.16 and a beta of 2.42. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter last year, the business earned $0.67 earnings per share. The firm's quarterly revenue was up 40.3% compared to the same quarter last year. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Scotiabank upgraded AppLovin to a "strong-buy" rating in a report on Tuesday, July 8th. Wall Street Zen downgraded AppLovin from a "buy" rating to a "hold" rating in a report on Friday. Loop Capital restated a "buy" rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. Morgan Stanley increased their price objective on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, FBN Securities assumed coverage on AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and a consensus price target of $438.43.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the transaction, the director owned 9,510 shares of the company's stock, valued at $3,637,194.60. The trade was a 13.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawson Alyssa Harvey sold 513 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the transaction, the director directly owned 3,451 shares in the company, valued at $1,450,455.30. The trade was a 12.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last quarter. 13.66% of the stock is currently owned by corporate insiders.

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.