AppLovin Corporation (NASDAQ:APP) Stock Position Cut by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC trimmed its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 62.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 993 shares of the company's stock after selling 1,677 shares during the quarter. Sagespring Wealth Partners LLC's holdings in AppLovin were worth $263,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Sowell Financial Services LLC purchased a new stake in AppLovin in the first quarter valued at approximately $589,000. Cyndeo Wealth Partners LLC grew its holdings in AppLovin by 71.4% in the first quarter. Cyndeo Wealth Partners LLC now owns 3,252 shares of the company's stock valued at $862,000 after purchasing an additional 1,355 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in AppLovin in the first quarter valued at approximately $281,000. Wealth Enhancement Advisory Services LLC grew its holdings in AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after purchasing an additional 66,453 shares during the period. Finally, Azzad Asset Management Inc. ADV purchased a new stake in AppLovin during the first quarter worth approximately $359,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on APP shares. Morgan Stanley boosted their price objective on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. Loop Capital reiterated a "buy" rating and set a $650.00 price objective on shares of AppLovin in a research note on Friday, March 28th. FBN Securities started coverage on shares of AppLovin in a research note on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. Finally, The Goldman Sachs Group boosted their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Stock Performance

APP stock traded down $19.67 during trading on Friday, hitting $324.70. 8,710,201 shares of the company's stock traded hands, compared to its average volume of 6,134,499. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The stock has a fifty day moving average price of $333.20 and a two-hundred day moving average price of $334.44. The stock has a market capitalization of $109.88 billion, a price-to-earnings ratio of 58.61, a price-to-earnings-growth ratio of 2.00 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 earnings per share. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, Director Craig Scott Billings sold 12,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the completion of the transaction, the director now owns 2,987 shares in the company, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barbara Messing sold 1,500 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the completion of the transaction, the director now owns 9,510 shares of the company's stock, valued at $3,637,194.60. This represents a 13.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

AppLovin 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.