Neuberger Berman Group LLC Decreases Holdings in AppLovin Corporation (NASDAQ:APP)

Key Points

• Neuberger Berman Group LLC reduced its stake in AppLovin Corporation by 14.0%, now owning about 0.10% of the company, valued at approximately $93.58 million.
• Despite recent sales, AppLovin's quarterly revenue grew by 77.1% year-over-year, though it fell short of analysts' expectations, reporting $1.26 billion.
• Analysts maintain a generally positive outlook for AppLovin, with an average price target of $472.33 and 18 out of 20 analysts rating it as a buy.

Neuberger Berman Group LLC decreased its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 353,158 shares of the company's stock after selling 57,387 shares during the quarter. Neuberger Berman Group LLC owned 0.10% of AppLovin worth $93,576,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. grew its holdings in shares of AppLovin by 32.9% during the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Dynasty Wealth Management LLC grew its holdings in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after purchasing an additional 1,107,104 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Trading Up 1.2%

APP traded up $5.34 during trading on Friday, hitting $438.68. The company's stock had a trading volume of 3,399,166 shares, compared to its average volume of 7,161,153. The firm's 50 day moving average price is $370.40 and its 200-day moving average price is $342.69. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The stock has a market cap of $148.44 billion, a PE ratio of 62.31, a PEG ratio of 2.50 and a beta of 2.43. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15.

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

Insider Activity at AppLovin

In other news, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the sale, the director owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barbara Messing sold 1,500 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director directly owned 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 925,398 shares of company stock valued at $392,582,738 over the last three months. Insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wedbush reissued an "outperform" rating and set a $620.00 target price on shares of AppLovin in a research note on Thursday, August 7th. Scotiabank increased their target price on AppLovin from $430.00 to $450.00 and gave the stock a "sector outperform" rating in a research note on Thursday, August 7th. Jefferies Financial Group increased their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. UBS Group lifted their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $472.33.

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.