LPL Financial LLC Sells 52,050 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• LPL Financial LLC reduced its stake in AppLovin Corporation by 24.7%, selling 52,050 shares during the first quarter, bringing its total holdings to approximately $41.99 million.
• AppLovin reported a 40.3% year-over-year increase in revenue for the latest quarter, with earnings per share (EPS) of $1.67, surpassing analyst expectations of $1.45.
• Following insider sales, 13.66% of AppLovin's stock is now held by company insiders, and the stock has recently received multiple buy ratings from various analysts.

LPL Financial LLC lowered its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 24.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 158,480 shares of the company's stock after selling 52,050 shares during the period. LPL Financial LLC's holdings in AppLovin were worth $41,993,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $294,000. National Bank of Canada FI increased its holdings in shares of AppLovin by 4,620.8% in the fourth quarter. National Bank of Canada FI now owns 47,350 shares of the company's stock valued at $15,334,000 after purchasing an additional 46,347 shares in the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of AppLovin by 28.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 2,295 shares of the company's stock valued at $743,000 after purchasing an additional 513 shares in the last quarter. Huntington National Bank increased its holdings in shares of AppLovin by 330.8% in the fourth quarter. Huntington National Bank now owns 448 shares of the company's stock valued at $145,000 after purchasing an additional 344 shares in the last quarter. Finally, Westpac Banking Corp acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $817,000. Institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $379.17 on Friday. The company has a fifty day moving average price of $363.45 and a 200 day moving average price of $337.53. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market cap of $128.31 billion, a PE ratio of 68.44, a PEG ratio of 2.33 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the firm posted $0.67 EPS. The company's revenue for the quarter was up 40.3% on a year-over-year basis. Research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. Wedbush raised shares of AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Jefferies Financial Group lifted their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Benchmark reaffirmed a "buy" rating and set a $525.00 target price on shares of AppLovin in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $447.57.

Insider Activity

In other AppLovin news, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the sale, the chief financial officer directly owned 192,421 shares of the company's stock, valued at $81,394,083. The trade was a 4.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Herald Y. Chen sold 100,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the completion of the sale, the director directly owned 181,929 shares in the company, valued at approximately $76,393,806.39. The trade was a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.