Envestnet Asset Management Inc. Cuts Position in AppLovin Corporation (NASDAQ:APP)

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

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC grew its stake in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after buying an additional 5,957,885 shares during the last quarter. Geode Capital Management LLC grew its stake in AppLovin by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after buying an additional 573,310 shares during the last quarter. Invesco Ltd. grew its stake in AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after buying an additional 1,222,074 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after buying an additional 2,373,885 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in AppLovin by 193.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after buying an additional 1,797,027 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other news, CFO Matthew Stumpf sold 9,714 shares of AppLovin stock in a transaction on Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the sale, the chief financial officer directly owned 192,421 shares of the company's stock, valued at approximately $81,394,083. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the completion of the sale, the director directly owned 181,929 shares of the company's stock, valued at $76,393,806.39. The trade was a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock valued at $455,062,980 over the last 90 days. Corporate insiders own 13.66% of the company's stock.

AppLovin Price Performance

NASDAQ:APP opened at $352.74 on Thursday. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a market cap of $119.36 billion, a PE ratio of 63.67, a P/E/G ratio of 2.05 and a beta of 2.42. The stock has a 50 day moving average price of $356.34 and a 200 day moving average price of $334.37.

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

Analyst Ratings Changes

Several analysts have weighed in on APP shares. Benchmark reiterated a "buy" rating and set a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Wedbush upgraded AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. boosted their price target on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Citigroup reiterated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Finally, HSBC set a $436.00 price target on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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