KLP Kapitalforvaltning AS Sells 4,390 Shares of AppLovin Corporation $APP

Key Points

• KLP Kapitalforvaltning AS trimmed its stake in AppLovin (NASDAQ:APP) by 4.6%, selling 4,390 shares and retaining 91,560 shares valued at about $61.7 million.
• Significant insider selling has occurred recently — CTO Vasily Shikin sold 62,804 shares and CEO Arash Foroughi sold 50,000 shares, with insiders offloading 365,244 shares (~$169.6 million) in the past 90 days while still owning 13.66% of the company.
• Analysts maintain a consensus "Moderate Buy" with a $661.95 price target; AppLovin recently beat EPS estimates ($3.24 vs. $2.89) and reported revenue growth of 66%, while trading at a market cap of roughly $159.6 billion and a P/E of ~48.5.

KLP Kapitalforvaltning AS trimmed its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,560 shares of the company's stock after selling 4,390 shares during the quarter. KLP Kapitalforvaltning AS's holdings in AppLovin were worth $61,695,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in APP. CBIZ Investment Advisory Services LLC grew its stake in shares of AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock valued at $33,000 after buying an additional 17 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its holdings in shares of AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock valued at $431,000 after purchasing an additional 18 shares during the period. Versant Capital Management Inc boosted its holdings in shares of AppLovin by 2.8% in the third quarter. Versant Capital Management Inc now owns 701 shares of the company's stock valued at $504,000 after purchasing an additional 19 shares during the period. Claro Advisors LLC lifted its holdings in AppLovin by 3.2% during the third quarter. Claro Advisors LLC now owns 647 shares of the company's stock worth $465,000 after buying an additional 20 shares during the period. Finally, Optas LLC lifted its holdings in AppLovin by 2.5% during the third quarter. Optas LLC now owns 877 shares of the company's stock worth $630,000 after buying an additional 21 shares during the period. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

APP has been the topic of a number of recent analyst reports. Benchmark reaffirmed a "buy" rating on shares of AppLovin in a research report on Friday, March 6th. Morgan Stanley set a $720.00 price target on AppLovin in a research report on Thursday, February 12th. Wells Fargo & Company upped their price target on AppLovin from $543.00 to $560.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. Oppenheimer reduced their price target on AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a research report on Thursday, March 5th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $650.00 price target (down from $800.00) on shares of AppLovin in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $661.95.

AppLovin Price Performance

NASDAQ APP opened at $473.18 on Wednesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32. The stock's fifty day moving average price is $430.05 and its 200 day moving average price is $542.65. AppLovin Corporation has a 1 year low of $227.05 and a 1 year high of $745.61. The company has a market cap of $159.59 billion, a price-to-earnings ratio of 48.53, a PEG ratio of 0.85 and a beta of 2.50.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the firm earned $1.73 EPS. The firm's revenue was up 66.0% on a year-over-year basis. As a group, equities research analysts forecast that AppLovin Corporation will post 15.72 earnings per share for the current year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 62,804 shares of the company's stock in a transaction on 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 directly owned 3,255,273 shares of the company's stock, valued at $1,583,462,445.39. This represents a 1.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 50,000 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were 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 directly owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 365,244 shares of company stock valued at $169,584,607 in the last ninety days. 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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