Erste Asset Management GmbH Sells 4,426 Shares of AppLovin Corporation $APP

Key Points

• Erste Asset Management GmbH cut its AppLovin stake by 28.5% in the fourth quarter, selling 4,426 shares and leaving it with 11,104 shares valued at about $7.76 million.
• AppLovin reported strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping forecasts; revenue also jumped 58.9% year over year.
• Insider selling has been notable, including recent sales by Victoria Valenzuela and CEO Arash Adam Foroughi, while analysts still maintain a Moderate Buy consensus with a $664.35 target price.

Erste Asset Management GmbH lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 28.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,104 shares of the company's stock after selling 4,426 shares during the period. Erste Asset Management GmbH's holdings in AppLovin were worth $7,760,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in APP. Allworth Financial LP raised its stake in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company's stock worth $4,347,000 after acquiring an additional 3,438 shares during the period. APG Asset Management N.V. bought a new stake in AppLovin during the 3rd quarter worth approximately $4,958,000. Metis Global Partners LLC raised its stake in AppLovin by 138.3% during the 3rd quarter. Metis Global Partners LLC now owns 10,094 shares of the company's stock worth $7,253,000 after acquiring an additional 5,859 shares during the period. Franklin Resources Inc. raised its stake in AppLovin by 24.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company's stock worth $1,754,996,000 after acquiring an additional 487,492 shares during the period. Finally, Stratos Wealth Partners LTD. raised its stake in AppLovin by 35.4% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,831 shares of the company's stock worth $19,998,000 after acquiring an additional 7,271 shares during the period. Institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares of the company's stock, valued at approximately $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 397,372 shares of company stock valued at $187,943,603 in the last 90 days. Company insiders own 13.66% of the company's stock.

AppLovin Trading Up 1.2%

Shares of APP opened at $563.69 on Tuesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The company has a 50 day simple moving average of $473.88 and a two-hundred day simple moving average of $521.57. The firm has a market cap of $189.37 billion, a P/E ratio of 48.43, a price-to-earnings-growth ratio of 0.91 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the firm posted $1.67 EPS. The company's revenue was up 58.9% on a year-over-year basis. On average, equities analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on APP shares. The Goldman Sachs Group decreased their target price on shares of AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a research note on Thursday, February 12th. Needham & Company LLC restated a "buy" rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. Benchmark restated a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Finally, Piper Sandler raised their target price on shares of AppLovin from $650.00 to $665.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $664.35.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.