AppLovin Corporation (NASDAQ:APP) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. cut its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 39.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,937 shares of the company's stock after selling 11,848 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in AppLovin were worth $4,753,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of APP. Friedenthal Financial lifted its stake in shares of AppLovin by 32.3% during the first quarter. Friedenthal Financial now owns 3,214 shares of the company's stock valued at $852,000 after buying an additional 785 shares during the period. CWA Asset Management Group LLC raised its stake in AppLovin by 14.6% during the first quarter. CWA Asset Management Group LLC now owns 19,223 shares of the company's stock worth $5,094,000 after purchasing an additional 2,455 shares during the period. Kingswood Wealth Advisors LLC raised its stake in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after purchasing an additional 80 shares during the period. Optivise Advisory Services LLC purchased a new position in AppLovin during the first quarter worth approximately $203,000. Finally, PKO Investment Management Joint Stock Co purchased a new position in AppLovin during the first quarter worth approximately $4,504,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. The Goldman Sachs Group raised their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Benchmark reaffirmed a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price target (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Finally, Loop Capital reaffirmed a "buy" rating and set a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Stock Performance

NASDAQ:APP traded down $19.67 during mid-day trading on Friday, hitting $324.70. The stock had a trading volume of 8,710,201 shares, compared to its average volume of 6,142,543. The stock has a market capitalization of $109.88 billion, a price-to-earnings ratio of 58.61, a P/E/G ratio of 1.89 and a beta of 2.53. The company has a 50 day simple moving average of $333.20 and a 200-day simple moving average of $333.86. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. 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 (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. AppLovin's quarterly revenue was up 40.3% compared to the same quarter last year. During the same period last year, the firm posted $0.67 EPS. On average, research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 6,585 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the sale, the insider now directly owns 357,903 shares in the company, valued at approximately $132,506,427.69. The trade was a 1.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director now owns 9,510 shares in the company, valued at $3,637,194.60. This trade represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

About AppLovin

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.