Handelsbanken Fonder AB Sells 13,268 Shares of AppLovin Corporation $APP

Key Points

• Handelsbanken Fonder AB cut its AppLovin position by 10.6% in the fourth quarter, selling 13,268 shares and leaving it with 111,943 shares valued at about $75.4 million.
• AppLovin reported a strong latest quarter, with EPS of $3.56 and revenue of $1.84 billion, both ahead of analyst estimates, while revenue jumped 58.9% year over year.
• Wall Street remains upbeat on the stock: analysts currently rate AppLovin “Moderate Buy” with a consensus price target of $664.35, even as the shares traded down 1.7% in the latest session.

Handelsbanken Fonder AB reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,943 shares of the company's stock after selling 13,268 shares during the period. Handelsbanken Fonder AB's holdings in AppLovin were worth $75,429,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Board of the Pension Protection Fund bought a new position in shares of AppLovin in the fourth quarter worth $27,000. Washington Trust Advisors Inc. boosted its holdings in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 24 shares during the period. Chilton Capital Management LLC bought a new position in shares of AppLovin in the third quarter worth $29,000. Activest Wealth Management boosted its holdings in shares of AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company's stock worth $31,000 after acquiring an additional 38 shares during the period. Finally, Laurel Wealth Advisors LLC bought a new position in shares of AppLovin in the fourth quarter worth $32,000. 41.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

APP has been the subject of several research analyst reports. Benchmark reissued a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. Wells Fargo & Company lifted their price objective on AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. UBS Group dropped their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Royal Bank Of Canada reissued an "outperform" rating and set a $700.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. Finally, Morgan Stanley set a $720.00 price objective on AppLovin in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $664.35.

AppLovin Trading Down 1.7%

NASDAQ APP opened at $492.38 on Tuesday. The stock's 50-day simple moving average is $446.94 and its two-hundred day simple moving average is $527.38. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $165.41 billion, a price-to-earnings ratio of 42.30, a PEG ratio of 0.81 and a beta of 2.37.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company's revenue for the quarter was up 58.9% on a year-over-year basis. During the same quarter last year, the business posted $1.67 earnings per share. Research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer owned 3,255,273 shares in the company, valued at approximately $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. This represents a 1.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 365,244 shares of company stock worth $169,584,607. Company insiders own 13.66% of the company's stock.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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