Cumberland Partners Ltd Sells 1,500 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Cumberland Partners Ltd reduced its holdings in AppLovin Corporation by 23.1%, selling 1,500 shares during the first quarter, resulting in ownership of 5,000 shares valued at approximately $1.32 million.
• Insider trading activity includes Barbara Messing, a director, selling 1,500 shares and Vasily Shikin, the CTO, selling 34,766 shares, indicating significant decreases in their ownership stakes.
• AppLovin's stock has seen a 3.0% decline, with analysts giving it a consensus rating of "Moderate Buy" and setting an average target price of $447.57.

Cumberland Partners Ltd decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 23.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,000 shares of the company's stock after selling 1,500 shares during the quarter. Cumberland Partners Ltd's holdings in AppLovin were worth $1,325,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Kingswood Wealth Advisors LLC grew its stake in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after acquiring an additional 66,453 shares during the period. Yousif Capital Management LLC increased its stake in shares of AppLovin by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares during the last quarter. Peak Retirement Planning Inc. bought a new stake in shares of AppLovin in the 4th quarter valued at about $969,000. Finally, Assenagon Asset Management S.A. lifted its stake in AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after purchasing an additional 121 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In related news, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total value of $573,690.00. Following the transaction, the director owned 9,510 shares in the company, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at $25,069,185.96. This represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 3.0%

Shares of APP opened at $379.17 on Friday. 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 12 month low of $60.67 and a 12 month high of $525.15. The firm's 50 day moving average is $363.45 and its 200-day moving average is $337.53. The stock has a market capitalization of $128.31 billion, a PE ratio of 68.44, a P/E/G ratio of 2.33 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's quarterly revenue was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 earnings per share. Equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on APP shares. Oppenheimer reissued an "outperform" rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. UBS Group lifted their target price on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Benchmark reaffirmed a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Finally, Wall Street Zen raised shares of AppLovin from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $447.57.

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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