NewEdge Advisors LLC Sells 549 Shares of AppLovin Corporation $APP

Key Points

• NewEdge Advisors LLC reduced its stake in AppLovin Corporation by 3.8%, selling 549 shares, bringing its total holdings to 13,741 shares valued at approximately $3.64 million.
• Multiple hedge funds adjusted their positions in AppLovin, with Wealth Enhancement Advisory Services LLC increasing its holdings by 62.7%, now owning 172,378 shares worth $45.68 million.
• AppLovin's stock received upgraded ratings from research analysts, including a "strong-buy" from Zacks Research and a price target increase from Jefferies Financial Group to $615.00.

NewEdge Advisors LLC lowered its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,741 shares of the company's stock after selling 549 shares during the period. NewEdge Advisors LLC's holdings in AppLovin were worth $3,641,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC raised its holdings in shares of AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after buying an additional 66,453 shares during the period. Yousif Capital Management LLC increased its holdings in AppLovin by 3.5% during the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares during the period. Peak Retirement Planning Inc. bought a new position in AppLovin in the fourth quarter worth approximately $969,000. Finally, Assenagon Asset Management S.A. lifted its holdings in AppLovin by 3.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after buying an additional 121 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on APP shares. Wedbush reiterated an "outperform" rating and issued a $620.00 price target on shares of AppLovin in a report on Thursday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. BTIG Research raised their target price on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Zacks Research raised AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Jefferies Financial Group raised their price objective on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $482.86.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the completion of the sale, the director owned 181,929 shares of the company's stock, valued at $78,682,473.21. The trade was a 52.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.

AppLovin Trading Up 2.0%

NASDAQ APP opened at $558.17 on Wednesday. AppLovin Corporation has a 12-month low of $85.23 and a 12-month high of $559.24. The company has a fifty day simple moving average of $410.43 and a two-hundred day simple moving average of $349.45. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $188.80 billion, a P/E ratio of 79.29, a P/E/G ratio of 3.06 and a beta of 2.44.

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

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.

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