Raymond James Financial Inc. Sells 619,507 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Raymond James Financial Inc. reduced its stake in AppLovin Corporation by 37.5%, selling 619,507 shares and maintaining ownership of 1,032,811 shares valued at approximately $273.66 million.
• Insider activity includes Director Herald Y. Chen selling 200,000 shares for $92.94 million, resulting in a 34.37% decrease in his ownership.
• Analysts have set a consensus target price of $472.33 for AppLovin, with a majority rating it a "Moderate Buy."

Raymond James Financial Inc. lessened its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 37.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,032,811 shares of the company's stock after selling 619,507 shares during the quarter. Raymond James Financial Inc. owned approximately 0.30% of AppLovin worth $273,664,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of 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 worth $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the period. Yousif Capital Management LLC raised its holdings in shares of AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares during the period. Peak Retirement Planning Inc. bought a new stake in shares of AppLovin in the 4th quarter worth approximately $969,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after purchasing an additional 121 shares during the period. Institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total value of $92,938,000.00. Following the completion of the transaction, the director directly owned 381,929 shares in the company, valued at approximately $177,478,587.01. The trade was a 34.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 925,398 shares of company stock valued at $392,582,738 over the last ninety days. 13.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

APP has been the topic of a number of research reports. Wells Fargo & Company lifted their price target on shares of AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. The Goldman Sachs Group boosted their target price on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a report on Friday, May 9th. HSBC set a $436.00 target price on shares of AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. Finally, UBS Group boosted their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $472.33.

AppLovin Stock Up 1.2%

APP opened at $438.68 on Friday. The company has a fifty day moving average price of $370.82 and a 200-day moving average price of $343.07. The firm has a market capitalization of $148.38 billion, a P/E ratio of 62.31, a price-to-earnings-growth ratio of 2.45 and a beta of 2.43. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released 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. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business's revenue for the quarter was up 77.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. Equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

About AppLovin

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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