MAI Capital Management Sells 3,445 Shares of AppLovin Corporation $APP

Key Points

• MAI Capital Management has reduced its holdings in AppLovin Corporation by 3.1%, selling 3,445 shares, leaving them with 108,358 shares valued at approximately $28.71 million.
• The company's stock price was $478.59, with a 52-week range of $82.51 to $525.15 and a market capitalization of $161.88 billion.
• In its latest earnings report, AppLovin beat EPS estimates with $2.26 but fell short on revenue expectations, reporting $1.26 billion compared to the anticipated $1.37 billion.

MAI Capital Management decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 3.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 108,358 shares of the company's stock after selling 3,445 shares during the period. MAI Capital Management's holdings in AppLovin were worth $28,712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in APP. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin in the 4th quarter valued at $294,000. Integrated Wealth Concepts LLC bought a new stake in shares of AppLovin in the 4th quarter valued at $347,000. Bison Wealth LLC bought a new stake in shares of AppLovin in the 4th quarter valued at $239,000. Rehmann Capital Advisory Group bought a new stake in shares of AppLovin in the 4th quarter valued at $227,000. Finally, Benjamin Edwards Inc. increased its position in shares of AppLovin by 11.8% in the 4th quarter. Benjamin Edwards Inc. now owns 3,117 shares of the company's stock valued at $1,009,000 after buying an additional 329 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Trading Down 1.1%

AppLovin stock opened at $478.59 on Friday. AppLovin Corporation has a 52 week low of $82.51 and a 52 week high of $525.15. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market capitalization of $161.88 billion, a P/E ratio of 67.98, a PEG ratio of 2.68 and a beta of 2.43. The stock has a 50-day simple moving average of $387.40 and a 200 day simple moving average of $348.09.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the company posted $0.89 earnings per share. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. Analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Wedbush reaffirmed an "outperform" rating and issued a $620.00 target price on shares of AppLovin in a research note on Thursday, August 7th. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. upped their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley raised their price objective on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $478.81.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 17,564 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.48, for a total transaction of $7,683,898.72. Following the sale, the chief technology officer owned 53,389 shares of the company's stock, valued at $23,356,619.72. This trade represents a 24.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,236,152 shares of company stock worth $545,240,378 over the last three months. Insiders own 13.66% of the company's stock.

AppLovin Company 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.

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