SVB Wealth LLC Sells 2,000,741 Shares of AppLovin Corporation $APP

Key Points

• SVB Wealth LLC reduced its holdings in AppLovin Corporation by 36.4%, selling 2,000,741 shares and retaining approximately 3.5 million shares, making it the fund's largest investment at 38.1% of its portfolio.
• Insider trading activities included CTO Vasily Shikin selling 17,564 shares for about $7.68 million and CEO Arash Adam Foroughi selling 26,200 shares for approximately $11.53 million, impacting their respective stakes by 24.75% and 1%.
• Analysts have raised their price targets for AppLovin, with consensus ratings indicating a "Moderate Buy" and a target price of $472.86, following a reported 77.1% year-over-year revenue increase despite a Q2 earnings miss.

SVB Wealth LLC cut its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 36.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,501,904 shares of the company's stock after selling 2,000,741 shares during the period. AppLovin comprises approximately 38.1% of SVB Wealth LLC's investment portfolio, making the stock its biggest holding. SVB Wealth LLC owned approximately 1.03% of AppLovin worth $927,900,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin in the fourth quarter valued at $25,000. Atala Financial Inc acquired a new stake in AppLovin during the first quarter worth about $26,000. Alpine Bank Wealth Management acquired a new stake in AppLovin during the first quarter worth about $27,000. ORG Wealth Partners LLC acquired a new stake in AppLovin during the first quarter worth about $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin in the first quarter worth about $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 17,564 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.48, for a total transaction of $7,683,898.72. Following the completion of the transaction, the chief technology officer owned 53,389 shares in the company, valued at $23,356,619.72. The trade was a 24.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the transaction, the chief executive officer owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,221,152 shares of company stock valued at $538,490,378 in the last quarter. 13.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on APP. BTIG Research raised their price objective on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. The Goldman Sachs Group lifted their price objective on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. UBS Group lifted their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Zacks Research raised shares of AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $472.86.

AppLovin Price Performance

APP opened at $441.68 on Friday. The stock has a fifty day simple moving average of $375.38 and a two-hundred day simple moving average of $345.14. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market cap of $149.40 billion, a price-to-earnings ratio of 62.74, a price-to-earnings-growth ratio of 2.34 and a beta of 2.43. AppLovin Corporation has a 12-month low of $82.51 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly 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. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the company earned $0.89 earnings per share. The company's revenue was up 77.1% on a year-over-year basis. Research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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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