Cozad Asset Management Inc. Sells 2,974 Shares of AppLovin Corporation $APP

Key Points

• Cozad Asset Management cut its AppLovin stake by 7.4%, selling 2,974 shares in the first quarter and retaining 37,270 shares valued at approximately $14.8 million.
• Analysts remain broadly positive, with AppLovin receiving a “Moderate Buy” consensus rating and an average price target of $668.45; targets cited ranged from $515 to $700.
• AppLovin insiders sold 393,000 shares worth roughly $197.3 million over the past three months, while the company’s latest quarterly results exceeded estimates, including 58.9% year-over-year revenue growth.

Cozad Asset Management Inc. reduced its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,270 shares of the company's stock after selling 2,974 shares during the period. AppLovin accounts for approximately 1.2% of Cozad Asset Management Inc.'s investment portfolio, making the stock its 21st biggest holding. Cozad Asset Management Inc.'s holdings in AppLovin were worth $14,833,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Revolve Wealth Partners LLC acquired a new stake in AppLovin during the fourth quarter worth approximately $294,000. Bison Wealth LLC bought a new position in shares of AppLovin during the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC boosted its holdings in shares of AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after buying an additional 621 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock worth $5,084,000 after buying an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its position in shares of AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock worth $48,727,000 after buying an additional 9,380 shares during the period. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on APP shares. Raymond James Financial assumed coverage on shares of AppLovin in a research note on Monday, June 29th. They issued a "strong-buy" rating and a $640.00 price objective for the company. Morgan Stanley reissued an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Needham & Company LLC restated a "buy" rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company upped their price objective on shares of AppLovin from $571.00 to $575.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $668.45.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was 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 position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by insiders.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $395.90 on Friday. AppLovin Corporation has a twelve month low of $359.00 and a twelve month high of $745.61. The stock's 50 day moving average is $491.19 and its 200-day moving average is $472.27. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $133.00 billion, a price-to-earnings ratio of 34.01, a PEG ratio of 0.65 and a beta of 2.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin's revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 EPS. Sell-side analysts forecast that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

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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