DNB Asset Management AS Cuts Stock Holdings in AppLovin Corporation $APP

Key Points

• DNB Asset Management AS cut its AppLovin stake by 37.6% in the fourth quarter, selling 30,431 shares and leaving it with 50,480 shares valued at about $34.0 million.
• Analysts remain broadly positive on AppLovin, with an average rating of “Moderate Buy” and a consensus price target of $664.35 after several firms raised or reaffirmed targets.
• AppLovin reported better-than-expected Q1 earnings, posting EPS of $3.56 versus $3.44 expected and revenue of $1.84 billion, up 58.9% year over year.

DNB Asset Management AS reduced its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 37.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,480 shares of the company's stock after selling 30,431 shares during the period. DNB Asset Management AS's holdings in AppLovin were worth $34,014,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Board of the Pension Protection Fund acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $27,000. Washington Trust Advisors Inc. increased its holdings in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in shares of AppLovin in the third quarter valued at approximately $29,000. Activest Wealth Management increased its holdings in shares of AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company's stock valued at $31,000 after purchasing an additional 38 shares during the last quarter. Finally, Laurel Wealth Advisors LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $32,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on APP shares. Arete Research set a $340.00 price target on AppLovin and gave the company a "neutral" rating in a report on Monday, March 2nd. Wells Fargo & Company increased their price target on AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Scotiabank increased their price target on AppLovin from $750.00 to $775.00 and gave the company an "outperform" rating in a report on Thursday, February 12th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, February 12th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $664.35.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the transaction, the director owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 365,244 shares of company stock worth $169,584,607 over the last ninety days. Company insiders own 13.66% of the company's stock.

AppLovin Trading Up 3.3%

APP opened at $501.00 on Friday. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The business has a fifty day simple moving average of $447.26 and a 200-day simple moving average of $529.13. The firm has a market cap of $168.31 billion, a P/E ratio of 43.04, a P/E/G ratio of 0.81 and a beta of 2.37. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the business posted $1.67 earnings per share. The company's quarterly revenue was up 58.9% on a year-over-year basis. On average, equities analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current year.

AppLovin Company 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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