Pictet Asset Management Holding SA Lowers Position in AppLovin Corporation $APP

Key Points

• Pictet Asset Management reduced its AppLovin stake by 2.9% in the first quarter, though it still held 105,362 shares valued at about $41.9 million.
• AppLovin continues to attract strong analyst interest: several firms maintained or raised bullish ratings, and the stock currently carries a Moderate Buy consensus with an average target price of $668.27.
• The company reported better-than-expected Q1 results, with EPS of $3.56 and revenue of $1.84 billion, while insiders also sold shares recently, including sizable sales by the CEO and a director.

Pictet Asset Management Holding SA trimmed its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 105,362 shares of the company's stock after selling 3,122 shares during the quarter. Pictet Asset Management Holding SA's holdings in AppLovin were worth $41,934,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in APP. Cambient Family Office LLC raised its position in shares of AppLovin by 13.8% in the 1st quarter. Cambient Family Office LLC now owns 544 shares of the company's stock worth $217,000 after acquiring an additional 66 shares in the last quarter. Venturi Wealth Management LLC boosted its position in shares of AppLovin by 108.0% during the first quarter. Venturi Wealth Management LLC now owns 1,385 shares of the company's stock valued at $551,000 after purchasing an additional 719 shares in the last quarter. Maridea Wealth Management LLC boosted its position in shares of AppLovin by 10.8% during the first quarter. Maridea Wealth Management LLC now owns 758 shares of the company's stock valued at $302,000 after purchasing an additional 74 shares in the last quarter. Sugar Maple Asset Management LLC purchased a new stake in AppLovin in the first quarter worth $359,000. Finally, Trust Asset Management LLC bought a new position in AppLovin in the first quarter worth $1,199,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on APP. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Wedbush reaffirmed an "outperform" rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Oppenheimer lowered their price target on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research report on Thursday, March 5th. Weiss Ratings lowered shares of AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company upped their price objective on shares of AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $668.27.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $515.23 on Wednesday. The business has a fifty day moving average price of $498.42 and a 200-day moving average price of $506.70. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The company has a market capitalization of $173.09 billion, a PE ratio of 44.26, a PEG ratio of 0.81 and a beta of 2.45. AppLovin Corporation has a 1-year low of $325.58 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin's revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 EPS. As a group, equities analysts expect that AppLovin Corporation will post 15.97 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is currently owned by insiders.

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Raymond James initiated coverage on AppLovin with a Strong Buy rating and a $640 price target, implying meaningful upside from recent levels and helping support the stock. Benzinga reference
• Positive Sentiment: AppLovin opened its self-serve advertising platform to all advertisers, a move that could broaden adoption of its AI-driven ad tools and strengthen future revenue growth. PocketGamer.biz article
• Positive Sentiment: Several recent articles highlighted broadly constructive Wall Street sentiment toward AppLovin’s AI ad platform, reinforcing the bullish view that earnings and fundamentals remain strong. Yahoo Finance article
• Neutral Sentiment: AppLovin was also mentioned in a roundup of stocks making big moves, reflecting elevated trader attention but offering little new company-specific detail. Yahoo Finance roundup
• Negative Sentiment: Investors also noted that AppLovin’s CEO sold about $51 million of discretionary shares, which may raise questions about insider confidence even though insider selling does not necessarily reflect the business outlook. MarketBeat article

AppLovin Company Profile

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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