Swedbank AB Cuts Stock Holdings in AppLovin Corporation $APP

Key Points

• Swedbank AB trimmed its AppLovin stake by 1.1% in the fourth quarter, selling 2,123 shares and ending with 191,547 shares valued at about $129.1 million.
• Several analysts remain positive on AppLovin despite some target cuts; the stock currently carries an average Moderate Buy rating with an average price target of $664.35.
• AppLovin recently reported strong quarterly results, with EPS of $3.56 and revenue of $1.84 billion, both beating expectations and reflecting 58.9% year-over-year revenue growth.

Swedbank AB decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 191,547 shares of the company's stock after selling 2,123 shares during the quarter. Swedbank AB owned 0.06% of AppLovin worth $129,068,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Mediolanum International Funds Ltd boosted its stake in shares of AppLovin by 73.5% during the 3rd quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company's stock worth $54,664,000 after acquiring an additional 32,510 shares during the last quarter. Allworth Financial LP boosted its stake in shares of AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company's stock worth $4,347,000 after acquiring an additional 3,438 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of AppLovin by 14.8% during the 3rd quarter. CIBC Asset Management Inc now owns 117,126 shares of the company's stock worth $84,160,000 after acquiring an additional 15,074 shares during the last quarter. APG Asset Management N.V. purchased a new position in shares of AppLovin during the 3rd quarter worth $4,958,000. Finally, Trek Financial LLC lifted its stake in shares of AppLovin by 851.6% during the 3rd quarter. Trek Financial LLC now owns 9,630 shares of the company's stock valued at $6,920,000 after buying an additional 8,618 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on APP. Scotiabank lifted their target price on shares of AppLovin from $750.00 to $775.00 and gave the company an "outperform" rating in a research note on Thursday, February 12th. Evercore restated a "buy" rating on shares of AppLovin in a research note on Friday, January 30th. Oppenheimer lowered their target price on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a research note on Thursday, March 5th. The Goldman Sachs Group lowered their target price on shares of AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a research note on Thursday, February 12th. Finally, UBS Group lowered their target price on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $664.35.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 40,704 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer owned 2,430,414 shares of the company's stock, valued at approximately $1,117,625,877.90. This represents a 1.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares in the company, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 365,244 shares of company stock valued at $169,584,607 in the last three months. Company insiders own 13.66% of the company's stock.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $481.68 on Friday. The company has a market capitalization of $161.82 billion, a price-to-earnings ratio of 41.38, a PEG ratio of 0.78 and a beta of 2.37. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. The firm's 50-day moving average is $446.31 and its 200 day moving average is $523.95. The company has a current ratio of 3.24, a quick 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 for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $1.67 EPS. Research analysts predict that AppLovin Corporation will post 15.86 EPS for the current 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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