AppLovin Corporation (NASDAQ:APP) Stock Holdings Reduced by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 5.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 545,418 shares of the company's stock after selling 34,079 shares during the period. Envestnet Asset Management Inc. owned about 0.16% of AppLovin worth $144,519,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of APP. HighPoint Advisor Group LLC boosted its position 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 period. Quadrant Capital Group LLC boosted its position in AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after purchasing an additional 33 shares during the period. Forum Financial Management LP boosted its position in AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after purchasing an additional 33 shares during the period. Truvestments Capital LLC boosted its position in AppLovin by 0.7% during the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock valued at $1,696,000 after purchasing an additional 38 shares during the period. Finally, Argentarii LLC boosted its position 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 purchasing an additional 40 shares during the period. Institutional investors own 41.85% of the company's stock.

AppLovin Trading Down 3.0%

Shares of AppLovin stock traded down $10.33 on Friday, reaching $335.99. 2,013,232 shares of the company were exchanged, compared to its average volume of 6,216,215. The stock has a fifty day moving average price of $357.68 and a 200-day moving average price of $334.38. The firm has a market capitalization of $113.70 billion, a price-to-earnings ratio of 60.78, a price-to-earnings-growth ratio of 2.10 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15.

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

Insiders Place Their Bets

In other news, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the transaction, the director owned 221,209 shares in the company, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 171,420 shares of AppLovin stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the transaction, the director owned 221,209 shares in the company, valued at $82,681,287.93. This represents a 43.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on APP. The Goldman Sachs Group boosted their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Wells Fargo & Company lifted their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Loop Capital reaffirmed a "buy" rating and set a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. Benchmark reaffirmed a "buy" rating and set a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin 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.