Westbourne Investments Inc. Sells 2,300 Shares of AppLovin Corporation $APP

Key Points

• Westbourne Investments Inc. reduced its stake in AppLovin Corporation by 65.7% in Q1, selling 2,300 shares, leaving them with approximately 1,200 shares valued at $318,000.
• Several institutional investors increased their holdings in AppLovin, with Acadian Asset Management and Geneos Wealth Management raising their stakes by over 65% and 285%, respectively.
• Research analysts have set a consensus price target of $482.86 for AppLovin stock, with the overall rating being a "Moderate Buy," highlighting strong market confidence despite recent trading fluctuations.

Westbourne Investments Inc. lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 65.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,200 shares of the company's stock after selling 2,300 shares during the quarter. Westbourne Investments Inc.'s holdings in AppLovin were worth $318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. McAdam LLC grew its stake in AppLovin by 54.6% in the 1st quarter. McAdam LLC now owns 1,940 shares of the company's stock valued at $514,000 after purchasing an additional 685 shares during the period. Acadian Asset Management LLC grew its stake in shares of AppLovin by 65.6% during the 1st quarter. Acadian Asset Management LLC now owns 17,960 shares of the company's stock worth $4,752,000 after acquiring an additional 7,113 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of AppLovin by 285.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,398 shares of the company's stock worth $1,165,000 after acquiring an additional 3,258 shares during the period. Intech Investment Management LLC grew its stake in shares of AppLovin by 24.2% during the 1st quarter. Intech Investment Management LLC now owns 84,364 shares of the company's stock worth $22,354,000 after acquiring an additional 16,419 shares during the period. Finally, Capital Impact Advisors LLC bought a new position in shares of AppLovin during the 1st quarter worth $8,957,000. Institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on APP shares. Jefferies Financial Group raised 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. Morgan Stanley raised their target price on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Zacks Research raised AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Finally, Scotiabank reissued an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $482.86.

AppLovin Trading Up 2.2%

NASDAQ APP opened at $570.20 on Wednesday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a twelve month low of $87.12 and a twelve month high of $573.60. The firm has a market capitalization of $192.87 billion, a PE ratio of 80.92, a P/E/G ratio of 3.06 and a beta of 2.44. The stock's 50 day moving average is $410.43 and its 200 day moving average is $349.45.

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

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction on 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 completion of the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares of the company's stock, valued at $78,682,473.21. This represents a 52.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 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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