Greenleaf Trust Raises Holdings in AppLovin Corporation $APP

Key Points

• Greenleaf Trust has increased its holdings in AppLovin Corporation by 77.9%, acquiring a total of 1,557 shares valued at approximately $545,000 at the end of the last quarter.
• AppLovin's recent quarterly earnings report showed $2.26 earnings per share, surpassing analyst expectations, and its revenue was up 77.1% year-over-year despite being below forecast.
• In the past three months, company insiders have sold over 1.15 million shares worth approximately $514.86 million, indicating significant insider selling activity.

Greenleaf Trust increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 77.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,557 shares of the company's stock after acquiring an additional 682 shares during the period. Greenleaf Trust's holdings in AppLovin were worth $545,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin during the fourth quarter worth $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin during the fourth quarter worth $239,000. NBC Securities Inc. purchased a new position in shares of AppLovin during the first quarter worth $34,000. Merit Financial Group LLC boosted its position in shares of AppLovin by 657.1% during the first quarter. Merit Financial Group LLC now owns 7,147 shares of the company's stock worth $1,894,000 after buying an additional 6,203 shares during the period. Finally, Matrix Trust Co purchased a new position in shares of AppLovin during the first quarter worth $194,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Down 2.9%

AppLovin stock opened at $683.64 on Friday. AppLovin Corporation has a 1-year low of $130.54 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The stock has a market cap of $231.24 billion, a PE ratio of 97.11, a P/E/G ratio of 3.86 and a beta of 2.53. The stock's fifty day moving average is $508.20 and its two-hundred day moving average is $388.02.

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 analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period last year, the firm earned $0.89 earnings per share. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 30,000 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This trade represents a 1.00% 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 worth $514,863,333 over the last three months. 13.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on APP. Piper Sandler raised their price target on AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Zacks Research upgraded AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Bank of America raised their price target on AppLovin from $580.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday. BTIG Research raised their price target on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and a consensus price target of $578.86.

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.

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