City National Bank of Florida MSD Decreases Stock Holdings in AppLovin Corporation (NASDAQ:APP)

City National Bank of Florida MSD cut its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 40.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,303 shares of the company's stock after selling 894 shares during the period. City National Bank of Florida MSD's holdings in AppLovin were worth $345,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. FMR LLC lifted its holdings in shares of AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. Dynasty Wealth Management LLC lifted its holdings in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Norges Bank purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $828,138,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of AppLovin by 193.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock valued at $882,469,000 after acquiring an additional 1,797,027 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of APP traded up $4.20 during trading hours on Friday, reaching $364.14. 2,880,710 shares of the stock traded hands, compared to its average volume of 4,896,801. 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 Corporation has a 52-week low of $60.67 and a 52-week high of $525.15. The company's 50-day moving average price is $362.09 and its two-hundred day moving average price is $335.79. The company has a market cap of $123.22 billion, a P/E ratio of 65.73, a price-to-earnings-growth ratio of 2.14 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the previous year, the company earned $0.67 EPS. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. On average, analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Piper Sandler reissued an "overweight" rating and set a $470.00 price target (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. The Goldman Sachs Group raised their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Wells Fargo & Company raised their price target on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, Jefferies Financial Group raised their price target on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $447.57.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were 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 in the company, valued at $3,637,194.60. The trade was a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is 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.