Kestra Advisory Services LLC Cuts Stock Position in AppLovin Corporation $APP

Key Points

• Kestra Advisory Services LLC reduced its stake in AppLovin Corporation by 22.3%, selling 1,674 shares and holding a total of 5,824 shares valued at $1,543,000 at the end of the quarter.
• Analysts have set new target prices for AppLovin, with Jefferies Financial Group raising theirs to $530.00, while the company has received various ratings including two "Strong Buy" and eighteen "Buy" ratings.
• Insider transactions included CEO Arash Adam Foroughi selling 26,200 shares worth over $11.5 million, and CTO Vasily Shikin selling 17,564 shares as well, reflecting significant stock activity among company executives.

Kestra Advisory Services LLC cut its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 22.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,824 shares of the company's stock after selling 1,674 shares during the period. Kestra Advisory Services LLC's holdings in AppLovin were worth $1,543,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Allstate Corp grew its position in shares of AppLovin by 22.5% during the 1st quarter. Allstate Corp now owns 7,537 shares of the company's stock valued at $1,997,000 after acquiring an additional 1,386 shares during the period. Ameriprise Financial Inc. lifted its stake in AppLovin by 50.8% in the 1st quarter. Ameriprise Financial Inc. now owns 377,560 shares of the company's stock worth $100,045,000 after purchasing an additional 127,164 shares in the last quarter. Norinchukin Bank The raised its position in shares of AppLovin by 181.1% during the 1st quarter. Norinchukin Bank The now owns 8,402 shares of the company's stock valued at $2,226,000 after buying an additional 5,413 shares during the period. CW Advisors LLC purchased a new stake in shares of AppLovin during the 1st quarter valued at approximately $1,531,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in 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 purchasing an additional 1,769,400 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This represents a 1.69% 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, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction that occurred on 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 transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,236,152 shares of company stock worth $545,240,378. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

Shares of APP stock traded down $1.10 during trading hours on Tuesday, hitting $477.49. The company's stock had a trading volume of 3,799,651 shares, compared to its average volume of 7,006,453. The business has a fifty day moving average of $390.26 and a 200-day moving average of $347.01. The stock has a market cap of $161.51 billion, a price-to-earnings ratio of 67.92, a P/E/G ratio of 2.68 and a beta of 2.44. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15. 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 (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's quarterly revenue was up 77.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.89 earnings per share. As a group, equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on APP. Wedbush restated an "outperform" rating and issued a $620.00 price target on shares of AppLovin in a research note on Thursday, August 7th. Scotiabank restated an "outperform" rating on shares of AppLovin in a research note on Thursday. Jefferies Financial Group boosted their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Finally, The Goldman Sachs Group boosted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $478.81.

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.