EULAV Asset Management Lowers Stock Holdings in AppLovin Corporation $APP

Key Points

• EULAV Asset Management reduced its AppLovin stake by 10.3% in the fourth quarter, selling 5,998 shares and ending with 52,503 shares worth about $35.4 million.
• Wall Street remains broadly positive on AppLovin, with analysts assigning an average rating of Moderate Buy and an average price target of $664.35.
• AppLovin reported strong quarterly results, beating EPS and revenue estimates, while insiders have also been selling shares in recent months, including CTO Vasily Shikin and CEO Arash Adam Foroughi.

EULAV Asset Management decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 10.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 52,503 shares of the company's stock after selling 5,998 shares during the quarter. EULAV Asset Management's holdings in AppLovin were worth $35,378,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Board of the Pension Protection Fund purchased a new stake in AppLovin in the 4th quarter worth $27,000. Washington Trust Advisors Inc. lifted its stake in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Laurel Wealth Advisors LLC purchased a new stake in AppLovin in the 4th quarter worth $32,000. CBIZ Investment Advisory Services LLC lifted its stake in AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 17 shares in the last quarter. Finally, Graney & King LLC purchased a new stake in AppLovin in the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on APP shares. Piper Sandler boosted their price target 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. JPMorgan Chase & Co. boosted their price target 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. The Goldman Sachs Group decreased their price target 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. UBS Group decreased their price target on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, AppLovin has an average rating of "Moderate Buy" and an average target price of $664.35.

Insider Activity

In related news, CTO Vasily Shikin sold 2,889 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $488.90, for a total transaction of $1,412,432.10. Following the transaction, the chief technology officer directly owned 17,945 shares in the company, valued at approximately $8,773,310.50. This represents a 13.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the company's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the transaction, the chief executive officer owned 2,430,414 shares in the company, valued at $1,117,625,877.90. The trade was a 1.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 467,092 shares of company stock worth $220,268,340. 13.66% of the stock is owned by insiders.

AppLovin Stock Down 0.3%

Shares of NASDAQ APP opened at $557.20 on Friday. The firm's 50-day moving average price is $470.43 and its 200-day moving average price is $521.43. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $187.19 billion, a price-to-earnings ratio of 47.87, a P/E/G ratio of 0.91 and a beta of 2.45. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61.

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

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.

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