DAVENPORT & Co LLC Trims Stock Position in AppLovin Corporation $APP

Key Points

• DAVENPORT & Co LLC reduced its stake in AppLovin Corporation by 34.2%, now holding 1,354 shares worth approximately $474,000.
• Multiple institutional investors, including Dynasty Wealth Management and Vanguard Group, significantly increased their positions in AppLovin during the first quarter, reflecting strong market interest.
• AppLovin recently reported $2.26 EPS for the quarter, exceeding analysts' expectations, with revenue growth of 77.1% compared to the previous year.

DAVENPORT & Co LLC lessened its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 34.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,354 shares of the company's stock after selling 704 shares during the quarter. DAVENPORT & Co LLC's holdings in AppLovin were worth $474,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APP. Dynasty Wealth Management LLC raised its position in AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD raised its position in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares during the period. Vanguard Group Inc. raised its position in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Baillie Gifford & Co. raised its position in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Finally, Jennison Associates LLC raised its position in AppLovin by 86.5% in the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after purchasing an additional 1,107,104 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

NASDAQ:APP opened at $569.89 on Monday. The company has a fifty day simple moving average of $537.64 and a two-hundred day simple moving average of $402.05. The company has a market cap of $192.77 billion, a price-to-earnings ratio of 80.95, a price-to-earnings-growth ratio of 3.09 and a beta of 2.53. 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 Corporation has a 52 week low of $139.40 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on APP shares. UBS Group boosted their target price on AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a research report on Friday, September 26th. Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Piper Sandler boosted their target price on AppLovin from $500.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, September 26th. Finally, Phillip Securities upgraded shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $597.38.

Insider Activity

In related news, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction 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 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Insiders own 13.66% of the company's stock.

AppLovin Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.