Shelton Wealth Management LLC Has $1.44 Million Position in AppLovin Corporation (NASDAQ:APP)

Shelton Wealth Management LLC lowered its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 20.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,424 shares of the company's stock after selling 1,397 shares during the period. Shelton Wealth Management LLC's holdings in AppLovin were worth $1,437,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of APP. FMR LLC increased its holdings in shares of AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. SVB Wealth LLC acquired a new stake in AppLovin during the 4th quarter worth $1,781,922,000. Norges Bank acquired a new stake in AppLovin during the 4th quarter worth $828,138,000. Arrowstreet Capital Limited Partnership grew its holdings in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after acquiring an additional 2,373,885 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in AppLovin by 193.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after acquiring an additional 1,797,027 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Trading Down 4.5%

APP opened at $344.37 on Friday. The stock has a market capitalization of $116.53 billion, a P/E ratio of 62.16, a P/E/G ratio of 2.00 and a beta of 2.53. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The firm's fifty day simple moving average is $331.71 and its 200 day simple moving average is $334.73. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10.

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

Insider Activity at AppLovin

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction on Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the sale, the director now directly owns 2,987 shares in the company, valued at approximately $1,054,769.44. The trade was a 80.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now owns 221,209 shares in the company, valued at $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group lifted their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company lifted their target price on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Morgan Stanley lifted their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, FBN Securities initiated coverage on shares of AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $438.10.

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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