Perigon Wealth Management LLC Lowers Holdings in AppLovin Corporation $APP

Key Points

• Perigon Wealth Management LLC has reduced its stake in AppLovin Corporation by 29.9%, selling 10,508 shares to own 24,627 shares valued at approximately $8.62 million.
• In the fourth quarter, several institutional investors acquired new stakes in AppLovin, with Mackenzie Financial Corp increasing its position by 235.9% and Toronto Dominion Bank raising its holdings by 22.0%.
• Analysts have mixed ratings on AppLovin, with a consensus price target of $513.38 and various firms, including Oppenheimer and Wedbush, setting higher price targets for the stock.

Perigon Wealth Management LLC cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 29.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 24,627 shares of the company's stock after selling 10,508 shares during the period. Perigon Wealth Management LLC's holdings in AppLovin were worth $8,622,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at $294,000. Bison Wealth LLC acquired a new position in shares of AppLovin in the 4th quarter worth approximately $239,000. Woodline Partners LP bought a new position in AppLovin in the 4th quarter valued at $274,000. Toronto Dominion Bank raised its position in AppLovin by 22.0% in the 4th quarter. Toronto Dominion Bank now owns 30,705 shares of the company's stock valued at $9,943,000 after purchasing an additional 5,531 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of AppLovin by 235.9% during the fourth quarter. Mackenzie Financial Corp now owns 30,499 shares of the company's stock worth $9,876,000 after acquiring an additional 21,419 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Wedbush increased their price target on AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Wells Fargo & Company increased their price target on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a report on Thursday, August 21st. Zacks Research upgraded AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Finally, Oppenheimer increased their price target on AppLovin from $500.00 to $740.00 and gave the stock an "outperform" rating in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $513.38.

Insider Activity

In related news, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares of the company's stock, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the transaction, the director directly owned 3,150 shares in the company, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Company insiders own 13.66% of the company's stock.

AppLovin Stock Down 1.4%

Shares of NASDAQ:APP opened at $641.92 on Thursday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 12 month low of $125.62 and a 12 month high of $670.19. The company has a 50-day moving average price of $468.97 and a 200 day moving average price of $370.86. The company has a market cap of $217.13 billion, a price-to-earnings ratio of 91.18, a PEG ratio of 3.61 and a beta of 2.44.

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

AppLovin Company 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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