Central Pacific Bank Trust Division Lowers Stock Position in AppLovin Corporation $APP

Key Points

• Central Pacific Bank Trust Division has reduced its stake in AppLovin Corporation by 30.8%, owning 2,142 shares worth approximately $750,000 after selling 955 shares in the second quarter.
• Wall Street analysts maintain a Moderate Buy consensus rating for AppLovin, with a target price averaging $487.86, reflecting confidence in the company despite mixed revenue results.
• Insider trading saw significant activity, with AppLovin's CEO and a director collectively selling over 26,000 shares, indicating potential shifts in ownership and investment strategy.

Central Pacific Bank Trust Division lowered its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 30.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,142 shares of the company's stock after selling 955 shares during the quarter. Central Pacific Bank Trust Division's holdings in AppLovin were worth $750,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC raised its position in shares of AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after purchasing an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the last quarter. Yousif Capital Management LLC raised its position in shares of AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares during the last quarter. Peak Retirement Planning Inc. purchased a new position in shares of AppLovin in the 4th quarter worth about $969,000. Finally, Assenagon Asset Management S.A. raised its position in shares of AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after purchasing an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on APP. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. BTIG Research boosted their target price on AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Zacks Research raised AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $487.86.

AppLovin Trading Up 1.9%

AppLovin stock opened at $582.00 on Friday. The business has a 50-day simple moving average of $424.50 and a two-hundred day simple moving average of $353.63. The company has a market cap of $196.86 billion, a P/E ratio of 82.67, a P/E/G ratio of 3.19 and a beta of 2.44. AppLovin Corporation has a 52-week low of $105.94 and a 52-week high of $587.88. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business's quarterly revenue was up 77.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 EPS. Analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares in the company, valued at $1,537,105.50. The trade was a 10.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company 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.

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