GC Wealth Management RIA LLC Trims Stock Position in AppLovin Corporation $APP

Key Points

• GC Wealth Management RIA LLC has reduced its holdings in AppLovin Corporation by 51.0%, holding 1,726 shares valued at approximately $604,000 following the sale of 1,798 shares.
• AppLovin recently reported an earnings per share (EPS) of $2.26, surpassing analysts' expectations of $2.05, with revenue growth of 77.1% year-over-year despite revenue falling short of estimates.
• Multiple analysts have raised their price targets for AppLovin, with Oppenheimer increasing its target from $500 to $740, indicating an overall positive sentiment towards the stock.

GC Wealth Management RIA LLC lowered its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 51.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,726 shares of the company's stock after selling 1,798 shares during the period. GC Wealth Management RIA LLC's holdings in AppLovin were worth $604,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Kingswood Wealth Advisors LLC grew its stake in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after acquiring an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after buying an additional 66,453 shares in the last quarter. Park Avenue Securities LLC grew its stake in AppLovin by 30.6% in the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock worth $7,313,000 after buying an additional 4,890 shares in the last quarter. Yousif Capital Management LLC grew its stake in AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after buying an additional 119 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its stake in AppLovin by 15.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company's stock worth $15,827,000 after buying an additional 6,104 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Trading Up 0.9%

NASDAQ:APP opened at $718.54 on Wednesday. The company has a fifty day moving average of $494.89 and a 200 day moving average of $383.21. AppLovin Corporation has a 52 week low of $128.01 and a 52 week high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $243.05 billion, a P/E ratio of 102.07, a P/E/G ratio of 3.93 and a beta of 2.44.

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

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the transaction, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 350 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the transaction, the director owned 3,150 shares of the company's stock, valued at $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on APP shares. Oppenheimer boosted their price target on shares of AppLovin from $500.00 to $740.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 23rd. BTIG Research boosted their price target 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. boosted their price target 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. Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Two research 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $553.62.

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.

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