Friedenthal Financial Sells 670 Shares of AppLovin Corporation $APP

Friedenthal Financial lessened its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 20.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,544 shares of the company's stock after selling 670 shares during the period. Friedenthal Financial's holdings in AppLovin were worth $891,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in APP. Dynasty Wealth Management LLC lifted its holdings in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after acquiring an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after acquiring an additional 1,107,104 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on APP. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Citigroup raised their price objective on shares of AppLovin from $600.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, October 1st. BTIG Research raised their price objective on shares of AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley raised their price objective on shares of AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a research note on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $579.81.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the transaction, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the completion of the transaction, the director directly owned 181,929 shares of the company's stock, valued at $78,682,473.21. This trade represents a 52.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last ninety days. Company insiders own 13.66% of the company's stock.

AppLovin Stock Performance

AppLovin stock opened at $631.85 on Wednesday. The company has a 50 day moving average price of $524.30 and a 200-day moving average price of $395.61. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a fifty-two week low of $139.40 and a fifty-two week high of $745.61. The company has a market capitalization of $213.72 billion, a PE ratio of 89.75, a P/E/G ratio of 3.22 and a beta of 2.53.

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

AppLovin Company 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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