EP Wealth Advisors LLC Decreases Stake in AppLovin Corporation $APP

EP Wealth Advisors LLC reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 11.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,441 shares of the company's stock after selling 1,104 shares during the quarter. EP Wealth Advisors LLC's holdings in AppLovin were worth $2,236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of APP. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin in the 4th quarter valued at approximately $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin in the 4th quarter valued at approximately $239,000. Benjamin Edwards Inc. increased its holdings in AppLovin by 11.8% in the 4th quarter. Benjamin Edwards Inc. now owns 3,117 shares of the company's stock worth $1,009,000 after buying an additional 329 shares during the period. BOKF NA increased its holdings in AppLovin by 22.3% in the 4th quarter. BOKF NA now owns 9,223 shares of the company's stock worth $2,937,000 after buying an additional 1,680 shares during the period. Finally, Concentric Capital Strategies LP acquired a new position in AppLovin in the 4th quarter worth approximately $2,168,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Up 2.6%

AppLovin stock opened at $499.97 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 12 month low of $82.51 and a 12 month high of $525.15. The stock's 50 day simple moving average is $398.93 and its two-hundred day simple moving average is $348.84. The firm has a market cap of $169.11 billion, a PE ratio of 71.02, a P/E/G ratio of 2.72 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted $0.89 EPS. The business's quarterly revenue was up 77.1% compared to the same quarter last year. Analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on APP. Jefferies Financial Group increased their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Piper Sandler increased their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Scotiabank reiterated an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company increased their price target on shares of AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $478.81.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This represents a 0.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director owned 7,283,292 shares of the company's stock, valued at $3,394,014,072. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,122,938 shares of company stock valued at $497,688,184. Corporate insiders own 13.66% of the company's stock.

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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