Sigma Planning Corp Trims Stake in AppLovin Corporation $APP

Key Points

• Sigma Planning Corp cut its AppLovin stake by 59% in the first quarter, leaving it with 2,066 shares valued at about $822,000.
• Insiders have been selling shares, including director Maynard G. Webb, Jr. and director Eduardo Vivas; over the last 90 days, insiders sold 393,000 shares worth about $197.3 million.
• Analysts remain broadly positive on AppLovin, with a consensus rating of “Moderate Buy” and an average price target of $668.45, while the company also recently beat earnings and revenue estimates.

Sigma Planning Corp lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 59.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,066 shares of the company's stock after selling 2,978 shares during the period. Sigma Planning Corp's holdings in AppLovin were worth $822,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Revolve Wealth Partners LLC acquired a new position in AppLovin in the fourth quarter valued at about $294,000. Bison Wealth LLC acquired a new stake in shares of AppLovin during the fourth quarter valued at about $239,000. Integrated Wealth Concepts LLC raised its stake in shares of AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock valued at $448,000 after acquiring an additional 621 shares during the period. NewEdge Advisors LLC raised its stake in shares of AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock valued at $5,084,000 after acquiring an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock worth $48,727,000 after acquiring an additional 9,380 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the business's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares of the company's stock, valued at $62,786,252.76. The trade was a 2.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 393,000 shares of company stock valued at $197,297,363. 13.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group lowered their price objective on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Benchmark restated a "buy" rating on shares of AppLovin in a research note on Wednesday, June 10th. Wells Fargo & Company raised their price target on AppLovin from $571.00 to $575.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research note on Monday, June 22nd. Finally, Wedbush reiterated an "outperform" rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $668.45.

AppLovin Price Performance

Shares of APP opened at $424.54 on Monday. AppLovin Corporation has a fifty-two week low of $343.00 and a fifty-two week high of $745.61. The firm's 50 day moving average price is $506.01 and its 200 day moving average price is $487.71. The company has a market cap of $142.62 billion, a P/E ratio of 36.47, a PEG ratio of 0.69 and a beta of 2.49. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm's revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.67 EPS. On average, research analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

About AppLovin

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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