Steph & Co. Cuts Position in AppLovin Corporation $APP

Key Points

• Steph & Co. reduced its stake in AppLovin Corporation by 46.0%, selling 575 shares to own a total of 674 shares valued at $236,000 as of the latest SEC filing.
• Insider activity includes CEO Arash Adam Foroughi selling 90,000 shares for approximately $37.89 million and Director Eduardo Vivas selling 125,000 shares for about $58.25 million, indicating a trend of significant selling among corporate leaders.
• AppLovin reported earnings of $2.26 per share, beating estimates, although revenues fell short of expectations, highlighting a 77.1% year-over-year revenue growth despite recent market challenges.

Steph & Co. cut its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 46.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 674 shares of the company's stock after selling 575 shares during the period. Steph & Co.'s holdings in AppLovin were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Dynasty Wealth Management LLC lifted its holdings in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after buying an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares in the last quarter. Vanguard Group Inc. increased its position in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after acquiring an additional 1,107,104 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total value of $58,250,000.00. Following the completion of the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Performance

Shares of APP stock opened at $639.91 on Friday. The company has a market cap of $216.45 billion, a PE ratio of 90.90, a P/E/G ratio of 3.55 and a beta of 2.44. AppLovin Corporation has a 52 week low of $125.62 and a 52 week high of $670.19. The company's fifty day simple moving average is $474.49 and its 200-day simple moving average is $373.64. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on APP shares. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Piper Sandler upped their price objective on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company boosted their price target on shares of AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research note on Thursday, August 21st. Jefferies Financial Group upped their price target on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Finally, Wall Street Zen downgraded AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $513.38.

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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