Corient Private Wealth LP Has $14.18 Million Stock Holdings in AppLovin Corporation $APP

Key Points

• Corient Private Wealth reduced its AppLovin stake by 80% in the second quarter, selling 110,400 shares and retaining 27,518 shares valued at approximately $14.18 million.
• AppLovin shares opened at $331.46, down 0.8%, and remain well below their 52-week high of $745.61. Despite the decline, the company reported 52.8% year-over-year revenue growth and earnings in line with analyst estimates.
• Analysts have cut several price targets, but the stock maintains a “Moderate Buy” consensus rating with an average target of $529.39; institutional investors own 41.85% of the company.

Corient Private Wealth LP trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 80.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 27,518 shares of the company's stock after selling 110,400 shares during the period. Corient Private Wealth LP's holdings in AppLovin were worth $14,179,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in APP. Cassaday & Co Wealth Management LLC acquired a new stake in AppLovin during the first quarter valued at approximately $25,000. Pioneer Family Office LLC acquired a new position in shares of AppLovin in the 2nd quarter worth approximately $31,000. First Pacific Financial acquired a new position in shares of AppLovin in the 1st quarter worth approximately $33,000. IMA Advisory Services Inc. lifted its position in shares of AppLovin by 40.0% during the 1st quarter. IMA Advisory Services Inc. now owns 84 shares of the company's stock worth $33,000 after buying an additional 24 shares during the period. Finally, CENTRAL TRUST Co lifted its position in shares of AppLovin by 41.3% during the 1st quarter. CENTRAL TRUST Co now owns 89 shares of the company's stock worth $35,000 after buying an additional 26 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 0.8%

Shares of APP opened at $331.46 on Wednesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. The company has a market cap of $110.92 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 0.70 and a beta of 2.49. The stock has a fifty day moving average price of $365.33 and a two-hundred day moving average price of $436.64. AppLovin Corporation has a 52-week low of $297.50 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company had revenue of $1.92 billion for the quarter, compared to analysts' expectations of $1.94 billion. During the same quarter in the prior year, the business earned $2.39 earnings per share. The business's revenue for the quarter was up 52.8% on a year-over-year basis. Analysts predict that AppLovin Corporation will post 15.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on APP. Benchmark decreased their price target on AppLovin from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Monday, August 17th. Bank of America reissued a "neutral" rating and set a $400.00 price objective (down from $430.00) on shares of AppLovin in a report on Tuesday, August 11th. Morgan Stanley reduced their target price on shares of AppLovin from $650.00 to $450.00 and set an "overweight" rating on the stock in a research note on Monday. William Blair set a $440.00 target price on shares of AppLovin in a report on Monday, August 17th. Finally, KeyCorp set a $775.00 target price on shares of AppLovin in a research report on Wednesday, June 10th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $529.39.

Insiders Place Their Bets

In other AppLovin news, Director G Jr sold 3,076 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares of the company's stock, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 12.81% of the company's stock.

AppLovin Profile

AppLovin Corporation NASDAQ: APP is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin's offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.

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