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Robertson Stephens Wealth Management LLC Reduces Stock Holdings in AppLovin Corporation $APP

AppLovin logo with Business Services background

Key Points

  • Robertson Stephens Wealth Management LLC has reduced its stake in AppLovin Corporation by 2.8%, now holding 391,585 shares, making it the firm's second largest holding.
  • Recent analyst reports show a range of price target adjustments for AppLovin, with Bank of America raising its target from $580 to $860 and a general consensus rating of "Moderate Buy".
  • Shares of AppLovin have seen a significant decline of 4.7% recently, with the stock currently opening at $600.32, following a quarterly earnings report that beat EPS estimates.
  • Five stocks to consider instead of AppLovin.

Robertson Stephens Wealth Management LLC lowered its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 391,585 shares of the company's stock after selling 11,476 shares during the quarter. AppLovin comprises approximately 4.4% of Robertson Stephens Wealth Management LLC's holdings, making the stock its 2nd largest holding. Robertson Stephens Wealth Management LLC owned 0.12% of AppLovin worth $137,086,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. Revolve Wealth Partners LLC bought a new position in AppLovin during the fourth quarter worth $294,000. Bison Wealth LLC bought a new position in AppLovin during the fourth quarter worth $239,000. NBC Securities Inc. bought a new stake in AppLovin in the 1st quarter valued at $34,000. Farther Finance Advisors LLC increased its holdings in AppLovin by 13.9% in the 1st quarter. Farther Finance Advisors LLC now owns 2,679 shares of the company's stock valued at $757,000 after buying an additional 327 shares during the period. Finally, Yousif Capital Management LLC increased its holdings in AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares during the period. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

APP has been the topic of several analyst reports. Bank of America boosted their price target on shares of AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. UBS Group boosted their price target on shares of AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a report on Friday, September 26th. Finally, Jefferies Financial Group boosted their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $597.38.

View Our Latest Report on APP

AppLovin Stock Down 4.7%

Shares of NASDAQ:APP opened at $600.32 on Friday. AppLovin Corporation has a 52 week low of $139.40 and a 52 week high of $745.61. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The company's fifty day moving average is $533.82 and its 200-day moving average is $399.03. The company has a market capitalization of $203.06 billion, a PE ratio of 85.27, a P/E/G ratio of 3.45 and a beta of 2.53.

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

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of the company's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 over the last quarter. Corporate insiders own 13.66% of the company's stock.

AppLovin Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for AppLovin (NASDAQ:APP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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