Cresset Asset Management LLC Sells 52,583 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Cresset Asset Management LLC has reduced its position in AppLovin Corporation by 49.1%, selling 52,583 shares and holding a total of 54,498 shares worth approximately $14.44 million.
• AppLovin reported a net revenue of $1.26 billion for the last quarter, falling short of the analysts' estimates of $1.37 billion but exceeding the earnings per share estimate by $0.21.
• Wall Street analysts have mixed sentiments on AppLovin, with recent upgrades leading to a range of price targets, one up to $525, while maintaining an average rating of "Moderate Buy" with a consensus target price of $472.33.

Cresset Asset Management LLC decreased its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 49.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,498 shares of the company's stock after selling 52,583 shares during the period. Cresset Asset Management LLC's holdings in AppLovin were worth $14,440,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin during the fourth quarter worth about $25,000. Atala Financial Inc bought a new position in AppLovin during the first quarter worth about $26,000. Alpine Bank Wealth Management bought a new position in AppLovin during the first quarter worth about $27,000. ORG Wealth Partners LLC bought a new position in AppLovin during the first quarter worth about $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in AppLovin during the first quarter worth about $29,000. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Up 1.2%

NASDAQ:APP opened at $438.68 on Friday. The firm has a market capitalization of $148.38 billion, a price-to-earnings ratio of 62.31, a price-to-earnings-growth ratio of 2.45 and a beta of 2.43. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15. The stock's 50 day moving average price is $370.82 and its two-hundred day moving average price is $343.07. 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 posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 EPS. Equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on APP. Zacks Research upgraded AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Scotiabank lifted their price objective on AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a report on Thursday, August 7th. Oppenheimer reiterated an "outperform" rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Benchmark reiterated a "buy" rating and set a $525.00 price objective on shares of AppLovin in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $472.33.

Insiders Place Their Bets

In related news, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 925,398 shares of company stock valued at $392,582,738 over the last 90 days. 13.66% of the stock is owned by 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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