Western Financial Corp CA Sells 6,435 Shares of AppLovin Corporation $APP

Key Points

• Western Financial Corp CA has significantly reduced its stake in AppLovin Corporation, selling 6,435 shares and decreasing its holdings by 79% to 1,706 shares, valued at approximately $597,000.
• Several large institutional investors notably increased their positions in AppLovin, including Dynasty Wealth Management LLC, which raised its stake by 117,664.4%.
• AppLovin reported strong earnings with an EPS of $2.26 for the last quarter, surpassing estimates, though its revenue of $1.26 billion fell short of analysts' expectations of $1.37 billion.

Western Financial Corp CA cut its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 79.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,706 shares of the company's stock after selling 6,435 shares during the period. Western Financial Corp CA's holdings in AppLovin were worth $597,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in APP. Dynasty Wealth Management LLC raised its position in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after acquiring an additional 2,700,399 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AppLovin by 36.7% in the 1st 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 in the last quarter. Vanguard Group Inc. raised its position in shares of AppLovin by 7.3% in the 1st 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 in the last quarter. Baillie Gifford & Co. raised its position in shares of AppLovin by 29.0% in the 1st 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 in the last quarter. Finally, Jennison Associates LLC raised its position in shares of AppLovin by 86.5% in the 1st 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 in the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 4.7%

Shares of NASDAQ:APP opened at $669.86 on Friday. The business's 50-day moving average is $480.60 and its 200 day moving average is $376.48. AppLovin Corporation has a 1 year low of $126.53 and a 1 year high of $671.18. The firm has a market capitalization of $226.58 billion, a P/E ratio of 95.15, a P/E/G ratio of 3.54 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company posted $0.89 EPS. The firm's quarterly revenue was up 77.1% compared to the same quarter last year. On average, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on APP. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research report on Thursday, August 28th. Jefferies Financial Group boosted their price target on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Morgan Stanley boosted their price target on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. UBS Group boosted their price target on AppLovin from $540.00 to $810.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $540.76.

Insider Transactions at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares in the company, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last 90 days. 13.66% of the stock is owned by company insiders.

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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