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 lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 18.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in APP. Dynasty Wealth Management LLC boosted its holdings in AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in AppLovin by 36.7% during 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 during the period. Vanguard Group Inc. grew its holdings in AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Baillie Gifford & Co. grew its holdings in AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares during the period. 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.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on APP. Wells Fargo & Company increased their price target on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a report on Thursday, August 21st. Benchmark lifted their price target on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Morgan Stanley lifted their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Finally, Wall Street Zen cut shares of AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $501.95.

AppLovin Trading Down 0.9%

AppLovin stock traded down $6.09 during midday trading on Monday, reaching $643.50. The stock had a trading volume of 9,256,930 shares, compared to its average volume of 9,961,002. 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 Corporation has a twelve month low of $124.59 and a twelve month high of $657.00. The stock has a market capitalization of $217.66 billion, a PE ratio of 91.41, a price-to-earnings-growth ratio of 3.60 and a beta of 2.44. The stock's 50-day simple moving average is $457.27 and its 200 day simple moving average is $367.01.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the previous year, the business earned $0.89 EPS. The company's revenue for the quarter was up 77.1% on a year-over-year basis. Analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the transaction, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the transaction, the director directly owned 3,150 shares in the company, valued at $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock worth $514,863,333 over the last three months. 13.66% of the stock is currently owned by insiders.

AppLovin 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.