Envestnet Asset Management Inc. Sells 34,079 Shares of AppLovin Corporation (NASDAQ:APP)

Envestnet Asset Management Inc. lowered its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC increased its holdings in AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after purchasing an additional 31 shares in the last quarter. Quadrant Capital Group LLC increased 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 stake in shares of AppLovin by 0.9% in 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 last quarter. Truvestments Capital LLC boosted its position in AppLovin by 0.7% during the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock valued at $1,696,000 after acquiring an additional 38 shares during the last quarter. Finally, Argentarii LLC grew its stake in AppLovin by 1.5% during the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after purchasing an additional 40 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the sale, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the transaction, the director owned 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last ninety days. 13.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

APP has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. HSBC set a $436.00 target price on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Oppenheimer restated an "outperform" rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. UBS Group lifted their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Scotiabank raised shares of AppLovin to a "strong-buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Performance

Shares of AppLovin stock traded down $6.42 during trading hours on Thursday, reaching $346.32. The company had a trading volume of 5,618,175 shares, compared to its average volume of 6,217,099. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The firm has a market cap of $117.19 billion, a PE ratio of 62.51, a price-to-earnings-growth ratio of 2.05 and a beta of 2.42. The business has a fifty day simple moving average of $356.34 and a 200 day simple moving average of $334.37.

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

AppLovin Company 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.