Pallas Capital Advisors LLC Cuts Stock Holdings in AppLovin Co. (NASDAQ:APP)

Pallas Capital Advisors LLC decreased its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 20.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,246 shares of the company's stock after selling 2,968 shares during the period. Pallas Capital Advisors LLC's holdings in AppLovin were worth $2,980,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin in the fourth quarter worth $294,000. Yousif Capital Management LLC lifted its position in shares of AppLovin by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,425 shares of the company's stock worth $1,109,000 after purchasing an additional 132 shares during the last quarter. Quotient Wealth Partners LLC purchased a new stake in shares of AppLovin during the 4th quarter worth $222,000. Stephens Inc. AR lifted its position in shares of AppLovin by 9.1% during the 4th quarter. Stephens Inc. AR now owns 7,224 shares of the company's stock worth $2,339,000 after purchasing an additional 604 shares during the last quarter. Finally, Angeles Wealth Management LLC purchased a new stake in shares of AppLovin during the 4th quarter worth $204,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of NASDAQ:APP traded down $16.09 on Friday, reaching $364.49. The company's stock had a trading volume of 4,342,573 shares, compared to its average volume of 6,111,821. The stock's 50-day moving average is $324.29 and its two-hundred day moving average is $334.14. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock has a market capitalization of $123.34 billion, a P/E ratio of 80.28, a PEG ratio of 3.02 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the business posted $0.67 earnings per share. The business's revenue was up 40.3% compared to the same quarter last year. As a group, sell-side analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on APP shares. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. FBN Securities started coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Wells Fargo & Company lifted their price objective on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, Arete Research set a $200.00 price target on shares of AppLovin in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $438.10.

Insider Activity

In related news, Director Craig Scott Billings sold 12,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the transaction, the director now owns 2,987 shares of the company's stock, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 6,585 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the transaction, the insider now directly owns 357,903 shares in the company, valued at $132,506,427.69. The trade was a 1.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. 14.69% of the stock is currently owned by 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.