Great Lakes Advisors LLC Cuts Position in AppLovin Corporation $APP

Key Points

• Great Lakes Advisors LLC reduced its stake in AppLovin Corporation by 15.4% during the first quarter, bringing its total shares to 2,576 with a value of $683,000.
• AppLovin's latest earnings report showed $1.26 billion in revenue and an EPS of $2.26, which exceeded analysts' expectations while the revenue fell short.
• Insider transactions revealed significant sell-offs, with Director Eduardo Vivas selling 125,000 shares valued at $58.25 million, indicating a notable decrease in insider ownership.

Great Lakes Advisors LLC lowered its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 15.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,576 shares of the company's stock after selling 470 shares during the period. Great Lakes Advisors LLC's holdings in AppLovin were worth $683,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the company. Atala Financial Inc acquired a new position in AppLovin during the first quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new stake in AppLovin in the first quarter valued at $27,000. ORG Wealth Partners LLC bought a new stake in AppLovin during the first quarter valued at $29,000. Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin during the first quarter valued at about $29,000. Finally, SouthState Corp acquired a new stake in shares of AppLovin in the 1st quarter worth about $29,000. Institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 125,000 shares of AppLovin stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the sale, the director owned 7,283,292 shares of the company's stock, valued at $3,394,014,072. This trade represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is owned by corporate insiders.

AppLovin Price Performance

Shares of NASDAQ:APP traded up $10.69 during midday trading on Friday, reaching $582.00. 6,725,840 shares of the company were exchanged, compared to its average volume of 5,778,341. The stock has a market cap of $196.86 billion, a PE ratio of 82.67, a price-to-earnings-growth ratio of 3.19 and a beta of 2.44. The business's fifty day moving average is $424.50 and its two-hundred day moving average is $353.48. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a one year low of $105.94 and a one year high of $587.88.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (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 for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm earned $0.89 earnings per share. AppLovin's revenue was up 77.1% on a year-over-year basis. As a group, analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on APP. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Zacks Research upgraded shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Wedbush lifted their target price on shares of AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a research report on Friday. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Finally, Scotiabank reissued an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $487.86.

AppLovin 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.