Corient Private Wealth LLC Increases Stock Position in AppLovin Corporation $APP

Key Points

• Corient Private Wealth LLC sharply increased its AppLovin stake by 3,118.6% in the fourth quarter, adding more than 4.0 million shares and bringing its total holding to 4.19 million shares worth about $2.83 billion.
• AppLovin insiders have been selling shares, with CTO Vasily Shikin and insider Victoria Valenzuela among recent sellers. Over the last three months, insiders sold a combined 389,924 shares worth about $195.7 million.
• The company posted strong quarterly results, beating EPS and revenue estimates with $3.56 EPS and $1.84 billion in revenue, while analysts remain generally bullish with a consensus rating of “Moderate Buy” and an average price target of $669.62.

Corient Private Wealth LLC grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 3,118.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,194,071 shares of the company's stock after purchasing an additional 4,063,763 shares during the period. AppLovin makes up about 1.5% of Corient Private Wealth LLC's holdings, making the stock its 14th biggest position. Corient Private Wealth LLC owned approximately 1.24% of AppLovin worth $2,826,049,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Washington Trust Advisors Inc. boosted its stake in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 24 shares in the last quarter. Board of the Pension Protection Fund purchased a new position in AppLovin in the fourth quarter worth $27,000. Laurel Wealth Advisors LLC purchased a new position in AppLovin in the fourth quarter worth $32,000. Graney & King LLC acquired a new stake in AppLovin in the third quarter valued at $36,000. Finally, Aventura Private Wealth LLC acquired a new stake in AppLovin in the fourth quarter valued at $38,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 389,924 shares of company stock worth $195,693,875 in the last three months. Company insiders own 13.66% of the company's stock.

AppLovin Stock Down 2.0%

AppLovin stock opened at $469.71 on Friday. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The firm has a market capitalization of $157.79 billion, a price-to-earnings ratio of 40.35, a price-to-earnings-growth ratio of 0.78 and a beta of 2.45. The stock's fifty day moving average is $490.66 and its two-hundred day moving average is $518.14. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $1.67 EPS. The business's revenue was up 58.9% on a year-over-year basis. Analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Analyst Ratings Changes

APP has been the topic of a number of recent analyst reports. BTIG Research reaffirmed a "buy" rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a "neutral" rating in a report on Monday, March 2nd. Wedbush restated an "outperform" rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Oppenheimer dropped their target price on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $669.62.

AppLovin Profile

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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