Lansforsakringar Fondforvaltning AB publ Cuts Stake in AppLovin Corporation $APP

Key Points

• Lansforsakringar Fondforvaltning AB cut its AppLovin stake by 16.4% in the first quarter, selling 14,803 shares and leaving it with 75,203 shares valued at about $29.9 million.
• AppLovin has continued to attract strong analyst attention, with several firms maintaining buy/overweight ratings and a consensus target price of $668.27.
• The company reported better-than-expected Q1 earnings, posting EPS of $3.56 on revenue of $1.84 billion, while shares were trading up 4.5% at $498.76 in Tuesday’s session.

Lansforsakringar Fondforvaltning AB publ cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 16.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,203 shares of the company's stock after selling 14,803 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in AppLovin were worth $29,931,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock worth $16,926,746,000 after buying an additional 166,117 shares in the last quarter. State Street Corp raised its holdings in AppLovin by 0.4% in the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock worth $8,021,721,000 after acquiring an additional 52,377 shares during the last quarter. Geode Capital Management LLC raised its holdings in AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock worth $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock valued at $4,103,386,000 after acquiring an additional 212,349 shares in the last quarter. Finally, Morgan Stanley lifted its position in AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock valued at $3,747,551,000 after acquiring an additional 538,806 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

APP has been the topic of several recent analyst reports. KeyCorp set a $775.00 price objective on AppLovin in a research report on Wednesday, June 10th. UBS Group decreased their target price on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Morgan Stanley restated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Monday, June 22nd. Finally, Oppenheimer reduced their price target on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $668.27.

AppLovin Trading Up 4.5%

Shares of NASDAQ:APP opened at $498.76 on Tuesday. The stock's 50-day simple moving average is $497.65 and its two-hundred day simple moving average is $508.03. The stock has a market capitalization of $167.55 billion, a price-to-earnings ratio of 42.85, a PEG ratio of 0.77 and a beta of 2.45. AppLovin Corporation has a 52-week low of $325.58 and a 52-week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm earned $1.67 EPS. The business's revenue for the quarter was up 58.9% compared to the same quarter last year. Analysts expect that AppLovin Corporation will post 15.97 EPS for the current year.

Insider Activity at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director directly owned 123,520 shares of the company's stock, valued at approximately $71,893,580.80. This represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 389,924 shares of company stock valued at $195,693,875 in the last three months. Corporate insiders own 13.66% of the company's stock.

AppLovin Company 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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