TIAA Trust National Association Decreases Stake in AppLovin Corporation (NASDAQ:APP)

TIAA Trust National Association reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 26.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,923 shares of the company's stock after selling 4,618 shares during the quarter. TIAA Trust National Association's holdings in AppLovin were worth $3,424,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kingswood Wealth Advisors LLC raised its position in shares of AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after purchasing an additional 66,453 shares during the last quarter. Yousif Capital Management LLC increased its holdings in AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after buying an additional 119 shares during the period. Peak Retirement Planning Inc. acquired a new position in AppLovin in the 4th quarter worth approximately $969,000. Finally, Assenagon Asset Management S.A. increased its holdings in AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after buying an additional 121 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

AppLovin stock opened at $379.17 on Monday. The company's fifty day moving average price is $363.45 and its 200 day moving average price is $337.58. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The stock has a market capitalization of $128.31 billion, a P/E ratio of 68.44, a P/E/G ratio of 2.26 and a beta of 2.43. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68.

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

Analysts Set New Price Targets

APP has been the topic of several research reports. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Wells Fargo & Company increased their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Benchmark reiterated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. UBS Group increased their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Scotiabank upgraded shares of AppLovin to a "strong-buy" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $447.57.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction on Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the sale, the director owned 3,451 shares of the company's stock, valued at approximately $1,450,455.30. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 100,000 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the completion of the transaction, the director owned 181,929 shares in the company, valued at $76,393,806.39. The trade was a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 in the last ninety days. Company insiders own 13.66% of the company's stock.

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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