AppLovin Corporation $APP Shares Sold by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC sold 30,998 shares of AppLovin Corporation, reducing its stake by 18.0%, and now holds 141,380 shares valued at approximately $48.3 million.
• Analysts have shown a strong outlook for AppLovin, with multiple brokerages raising their target prices, including Jefferies Financial Group, which increased its target from $560.00 to $615.00.
• CEO Arash Adam Foroughi recently sold 26,200 shares for over $11.5 million, while insiders have collectively sold 1,156,788 shares worth over $514 million in the last 90 days.

Wealth Enhancement Advisory Services LLC lowered its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 18.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 141,380 shares of the company's stock after selling 30,998 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in AppLovin were worth $48,301,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atala Financial Inc purchased a new position in AppLovin in the 1st quarter valued at $26,000. Alpine Bank Wealth Management purchased a new position in shares of AppLovin during the 1st quarter worth $27,000. ORG Wealth Partners LLC purchased a new position in shares of AppLovin during the 1st quarter worth $29,000. Bartlett & CO. Wealth Management LLC purchased a new position in shares of AppLovin during the 1st quarter worth $29,000. Finally, SouthState Corp purchased a new position in shares of AppLovin during the 1st quarter worth $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on APP. Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Wells Fargo & Company lifted their target price on AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research report on Thursday, August 21st. JPMorgan Chase & Co. boosted their price objective on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Morgan Stanley boosted their price objective on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Finally, Jefferies Financial Group boosted their target price on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $501.95.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares in the company, valued at $135,579,499.65. This trade represents a 11.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares of the company's stock, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company's stock.

AppLovin Trading Up 4.5%

NASDAQ APP traded up $28.07 during trading hours on Friday, hitting $649.59. 73,086,587 shares of the company's stock were exchanged, compared to its average volume of 6,614,834. The business's 50 day moving average is $451.52 and its 200-day moving average is $363.36. AppLovin Corporation has a 12-month low of $123.51 and a 12-month high of $653.06. The firm has a market capitalization of $219.72 billion, a P/E ratio of 92.27, a price-to-earnings-growth ratio of 3.44 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for 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 firm's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.89 earnings per share. As a group, analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.