Dakota Wealth Management Sells 9,307 Shares of AppLovin Corporation (NASDAQ:APP)

Dakota Wealth Management cut its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 32.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,557 shares of the company's stock after selling 9,307 shares during the period. Dakota Wealth Management's holdings in AppLovin were worth $5,182,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. HighPoint Advisor Group LLC boosted its stake in AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares during the period. Forum Financial Management LP raised its holdings in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the period. Argentarii LLC raised its holdings in AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares during the period. Finally, Versant Capital Management Inc raised its holdings in AppLovin by 13.4% during the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after acquiring an additional 43 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Up 0.7%

Shares of NASDAQ APP traded up $2.54 on Wednesday, reaching $355.50. 3,701,928 shares of the company's stock traded hands, compared to its average volume of 6,262,637. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The business's 50 day simple moving average is $361.32 and its two-hundred day simple moving average is $334.61. The company has a market cap of $120.30 billion, a price-to-earnings ratio of 64.17, a price-to-earnings-growth ratio of 2.10 and a beta of 2.42. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

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

Insider Activity

In related news, Director Herald Y. Chen sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the sale, the director owned 181,929 shares in the company, valued at approximately $76,393,806.39. This trade represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the firm'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 transaction of $12,294,648.24. Following the completion of the sale, the chief technology officer owned 70,889 shares in the company, valued at $25,069,185.96. This represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. Company insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Oppenheimer reissued an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Jefferies Financial Group upped their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Benchmark restated a "buy" rating and set a $525.00 price target on shares of AppLovin in a research report on Thursday, May 8th. FBN Securities began coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price target for the company. Finally, Morgan Stanley upped their price objective on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $438.43.

About AppLovin

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.