Patton Fund Management Inc. Sells 11,080 Shares of AppLovin Corporation $APP

Key Points

• Patton Fund Management slashed its AppLovin position by 93.4% in the first quarter, selling 11,080 shares and leaving it with 780 shares worth about $310,000.
• Several other institutions were active in the stock, while insiders also sold shares recently, including executive and CEO transactions totaling millions of dollars. In the last 90 days, insiders sold 389,924 shares worth about $195.7 million.
• AppLovin reported strong quarterly results, with EPS of $3.56 beating estimates and revenue rising 58.9% year over year to $1.84 billion. Analysts remain largely bullish, with a consensus rating of Moderate Buy and an average price target of $668.27.

Patton Fund Management Inc. decreased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 93.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 780 shares of the company's stock after selling 11,080 shares during the period. Patton Fund Management Inc.'s holdings in AppLovin were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Allworth Financial LP grew its position 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 buying an additional 3,438 shares in the last quarter. APG Asset Management N.V. bought a new stake in shares of AppLovin in the third quarter valued at about $4,958,000. Franklin Resources Inc. raised its holdings in shares of AppLovin by 24.9% in the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company's stock valued at $1,754,996,000 after acquiring an additional 487,492 shares in the last quarter. Generate Investment Management Ltd purchased a new stake in AppLovin in the fourth quarter worth about $2,347,000. Finally, Kinetic Partners Management LP grew its holdings in AppLovin by 7.5% during the 3rd quarter. Kinetic Partners Management LP now owns 128,106 shares of the company's stock worth $92,049,000 after acquiring an additional 8,930 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares of the company's stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 389,924 shares of company stock valued at $195,693,875. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Up 4.5%

NASDAQ:APP opened at $498.76 on Tuesday. AppLovin Corporation has a fifty-two week low of $325.58 and a fifty-two week high of $745.61. The stock has a market capitalization of $167.55 billion, a P/E ratio of 42.85, a P/E/G ratio of 0.77 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The company's 50-day simple moving average is $497.65 and its 200-day simple moving average is $508.03.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $1.67 EPS. The company's quarterly revenue was up 58.9% compared to the same quarter last year. On average, equities analysts anticipate that AppLovin Corporation will post 15.97 earnings per share for the current fiscal year.

Analyst Ratings Changes

APP has been the subject of several recent research reports. Morgan Stanley restated an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Oppenheimer cut their price objective on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company upped their target price on AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and a consensus price target of $668.27.

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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