Empowered Funds LLC Sells 2,457 Shares of AppLovin Corporation $APP

Key Points

• Empowered Funds LLC reduced its AppLovin stake by 3.2% in the first quarter, selling 2,457 shares and retaining 74,633 shares valued at approximately $29.7 million.
• AppLovin insiders have also been selling: insiders sold 393,000 shares worth about $197.3 million over the past 90 days, while insiders retain a 12.81% ownership stake.
• Analysts remain broadly positive, with AppLovin receiving a “Moderate Buy” consensus rating and an average price target of $668.45. The company recently beat quarterly earnings and revenue estimates, with revenue rising 58.9% year over year.

Empowered Funds LLC cut its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 3.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 74,633 shares of the company's stock after selling 2,457 shares during the quarter. Empowered Funds LLC's holdings in AppLovin were worth $29,704,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Redhawk Wealth Advisors Inc. lifted its position in AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock valued at $431,000 after purchasing an additional 18 shares during the period. Verdence Capital Advisors LLC grew its position in AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock worth $224,000 after purchasing an additional 18 shares during the period. Finivi Inc. grew its position in AppLovin by 3.2% in the 4th quarter. Finivi Inc. now owns 711 shares of the company's stock worth $479,000 after purchasing an additional 22 shares during the period. Alta Wealth Advisors LLC raised its stake in AppLovin by 0.6% during the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company's stock valued at $2,645,000 after buying an additional 24 shares during the last quarter. Finally, Washington Trust Advisors Inc. raised its stake in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 24 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares of the company's stock, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 393,000 shares of company stock valued at $197,297,363. Company insiders own 12.81% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Monday, June 22nd. Argus assumed coverage on AppLovin in a report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 target price on the stock. Wells Fargo & Company increased their target price on AppLovin from $571.00 to $575.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, UBS Group dropped their target price on AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $668.45.

AppLovin Stock Up 5.3%

Shares of APP opened at $412.73 on Tuesday. The business's 50 day moving average is $497.38 and its 200 day moving average is $477.57. The company has a market capitalization of $138.65 billion, a PE ratio of 35.46, a price-to-earnings-growth ratio of 0.64 and a beta of 2.49. AppLovin Corporation has a 12-month low of $358.55 and a 12-month high of $745.61. 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 (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share 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 the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.67 EPS. The firm's revenue for the quarter was up 58.9% compared to the same quarter last year. Research analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current fiscal 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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