Forsta AP Fonden Sells 1,400 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Forsta AP Fonden reduced its stake in AppLovin by 2.0%, selling 1,400 shares, leaving them with 69,100 shares worth approximately $18.3 million.
• Analysts have maintained a positive outlook on AppLovin, with a consensus rating of "Moderate Buy" and an average target price of $472.33, despite some adjustments in individual price targets.
• AppLovin reported earnings that exceeded expectations, with an EPS of $2.26, although revenue fell short of estimates at $1.26 billion, highlighting a year-over-year growth of 77.1% in revenue.

Forsta AP Fonden trimmed its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,100 shares of the company's stock after selling 1,400 shares during the quarter. Forsta AP Fonden's holdings in AppLovin were worth $18,309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in APP. Vanguard Group Inc. lifted its holdings in AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Dynasty Wealth Management LLC lifted its holdings in AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Jennison Associates LLC lifted its holdings in AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after purchasing an additional 1,107,104 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in AppLovin by 3.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,777,946 shares of the company's stock worth $575,941,000 after purchasing an additional 61,222 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 4.3%

NASDAQ:APP traded up $18.64 during mid-day trading on Friday, hitting $455.98. The company had a trading volume of 9,470,995 shares, compared to its average volume of 5,628,843. AppLovin Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $525.15. The business's fifty day moving average is $366.78 and its two-hundred day moving average is $339.90. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.68 and a current ratio of 2.74. The firm has a market cap of $154.30 billion, a P/E ratio of 64.77, a P/E/G ratio of 2.71 and a beta of 2.43.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. JPMorgan Chase & Co. lifted their price target on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Piper Sandler lifted their price target on AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, HSBC set a $436.00 price target on AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $472.33.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the firm's 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 sale, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 513 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the transaction, the director owned 3,451 shares of the company's stock, valued at approximately $1,450,455.30. The trade was a 12.94% 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 90 days. Insiders own 13.66% of the company's stock.

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.