Westpac Banking Corp Sells 6,793 Shares of AppLovin Corporation $APP

Key Points

• Westpac Banking Corp reduced its AppLovin stake by 42.1% in the fourth quarter, selling 6,793 shares and leaving it with 9,353 shares valued at about $6.3 million.
• Insider selling has been heavy: AppLovin CTO Vasily Shikin and Director Eduardo Vivas both sold shares recently, and insiders sold a total of 464,016 shares worth about $218.5 million last quarter.
• Despite the selling, analysts remain mostly positive on APP, with an average rating of Moderate Buy and an average price target of $664.35, while the stock recently opened at $605.63 after a strong earnings report.

Westpac Banking Corp cut its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 42.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,353 shares of the company's stock after selling 6,793 shares during the period. Westpac Banking Corp's holdings in AppLovin were worth $6,302,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of APP. Revolve Wealth Partners LLC bought a new stake in AppLovin during the 4th quarter worth approximately $294,000. Bison Wealth LLC bought a new position in AppLovin in the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC raised its position in AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after purchasing an additional 621 shares during the last quarter. NewEdge Advisors LLC raised its position in AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock worth $5,084,000 after purchasing an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its position in AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock worth $48,727,000 after purchasing an additional 9,380 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 2,889 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $488.90, for a total value of $1,412,432.10. Following the completion of the transaction, the chief technology officer owned 17,945 shares of the company's stock, valued at $8,773,310.50. The trade was a 13.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 464,016 shares of company stock worth $218,477,985 over the last quarter. 13.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on APP shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $660.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Scotiabank boosted their price objective on shares of AppLovin from $750.00 to $775.00 and gave the stock an "outperform" rating in a research report on Thursday, February 12th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Wedbush restated an "outperform" rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Finally, BTIG Research restated a "buy" rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $664.35.

AppLovin Price Performance

APP opened at $605.63 on Wednesday. The company has a fifty day moving average price of $460.05 and a two-hundred day moving average price of $520.92. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The firm has a market capitalization of $203.46 billion, a PE ratio of 52.03, a P/E/G ratio of 1.00 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the business earned $1.67 EPS. The business's quarterly revenue was up 58.9% compared to the same quarter last year. As a group, analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current year.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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