MGB Wealth Management LLC Sells 9,938 Shares of AppLovin Corporation $APP

Key Points

• MGB Wealth Management LLC cut its AppLovin stake by 10.9% in the fourth quarter, selling 9,938 shares and leaving it with 80,828 shares worth about $54.5 million. AppLovin remains the fund’s largest holding, at roughly 15.6% of its portfolio.
• AppLovin continues to draw strong analyst support, with multiple firms reiterating buy ratings and price targets as high as $775. The stock’s consensus rating is Moderate Buy, with an average price target of $669.62.
• The company posted a solid quarterly beat, reporting $3.56 EPS on $1.84 billion in revenue, both above estimates, while revenue jumped 58.9% year over year. Despite this, insiders have been selling shares recently, including the CEO and another executive.

MGB Wealth Management LLC decreased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 10.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,828 shares of the company's stock after selling 9,938 shares during the quarter. AppLovin comprises about 15.6% of MGB Wealth Management LLC's portfolio, making the stock its biggest holding. MGB Wealth Management LLC's holdings in AppLovin were worth $54,464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in APP. Allworth Financial LP boosted its stake in shares of AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company's stock worth $4,347,000 after acquiring an additional 3,438 shares during the period. APG Asset Management N.V. bought a new position in shares of AppLovin during the 3rd quarter worth approximately $4,958,000. Franklin Resources Inc. boosted its stake in shares of AppLovin by 24.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company's stock worth $1,754,996,000 after acquiring an additional 487,492 shares during the period. TIAA Trust National Association boosted its stake in shares of AppLovin by 431.7% during the 3rd quarter. TIAA Trust National Association now owns 52,749 shares of the company's stock worth $37,902,000 after acquiring an additional 42,829 shares during the period. Finally, Generate Investment Management Ltd bought a new position in shares of AppLovin during the 4th quarter worth approximately $2,347,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. BTIG Research reiterated a "buy" rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Benchmark reiterated a "buy" rating on shares of AppLovin in a research note on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Finally, KeyCorp set a $775.00 target price on AppLovin in a research note on Wednesday, June 10th. One research analyst has 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $669.62.

AppLovin Stock Performance

APP opened at $479.49 on Thursday. The business has a fifty day simple moving average of $489.48 and a 200 day simple moving average of $519.07. The company has a market capitalization of $161.08 billion, a PE ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm's quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 EPS. Research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company's stock, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares of the company's stock, valued at $1,153,755,469.45. This represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 226,014 shares of company stock valued at $113,073,400 over the last 90 days. 13.66% of the stock is currently owned by insiders.

About AppLovin

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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