Edgestream Partners L.P. Cuts Stock Position in AppLovin Corporation $APP

Key Points

• Edgestream Partners cut its AppLovin stake by 45.6% in the first quarter, selling 2,797 shares and retaining 3,334 shares valued at approximately $1.33 million. Institutional investors collectively own 41.85% of the company.
• Wall Street remains broadly positive on AppLovin, with a consensus rating of “Moderate Buy” and an average price target of $672.18. Recent targets range from $575 to $775.
• AppLovin reported quarterly revenue of $1.84 billion, up 58.9% year over year, and earnings of $3.56 per share, exceeding analyst expectations. Meanwhile, insiders sold 393,000 shares worth roughly $197.3 million during the latest quarter.

Edgestream Partners L.P. reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 45.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 3,334 shares of the company's stock after selling 2,797 shares during the quarter. Edgestream Partners L.P.'s holdings in AppLovin were worth $1,327,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in APP. Verdence Capital Advisors LLC grew its stake in shares of AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock worth $224,000 after acquiring an additional 18 shares during the period. Finivi Inc. raised its stake in AppLovin by 3.2% in the 4th quarter. Finivi Inc. now owns 711 shares of the company's stock valued at $479,000 after acquiring an additional 22 shares during the period. Alta Wealth Advisors LLC lifted its holdings in AppLovin by 0.6% during the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company's stock valued at $2,645,000 after purchasing an additional 24 shares during the last quarter. Washington Trust Advisors Inc. lifted its holdings in AppLovin by 160.0% during 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. Finally, IMA Advisory Services Inc. boosted its position in AppLovin by 40.0% during the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company's stock worth $33,000 after purchasing an additional 24 shares during the period. Institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on APP shares. Wells Fargo & Company lifted their price objective on shares of AppLovin from $571.00 to $575.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. BTIG Research reaffirmed a "buy" rating and issued a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Wedbush reiterated an "outperform" rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $672.18.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This represents a 2.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the sale, the chief financial officer directly owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 393,000 shares of company stock valued at $197,297,363 over the last quarter. 12.81% of the stock is currently owned by insiders.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $406.16 on Tuesday. The stock has a market cap of $136.45 billion, a price-to-earnings ratio of 34.89, a P/E/G ratio of 0.65 and a beta of 2.54. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 1-year low of $359.00 and a 1-year high of $745.61. The stock's 50-day moving average is $489.68 and its 200 day moving average is $469.11.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the business earned $1.67 earnings per share. The company's quarterly revenue was up 58.9% on a year-over-year basis. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

About AppLovin

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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