WT Asset Management Ltd Reduces Stake in AppLovin Corporation $APP

Key Points

• WT Asset Management Ltd reduced its stake in AppLovin Corporation by 5.5%, now holding 86,800 shares valued at approximately $30.39 million, making it the 14th largest position in their portfolio.
• CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock worth nearly $37.89 million, resulting in a 3.32% decrease in his ownership.
• AppLovin's stock has seen significant price movements, with a 52-week high of $745.61 and recent analyst price targets ranging from $578.86 to $860.00, reflecting strong investor interest.

WT Asset Management Ltd reduced its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,800 shares of the company's stock after selling 5,063 shares during the period. AppLovin makes up about 2.1% of WT Asset Management Ltd's investment portfolio, making the stock its 14th biggest position. WT Asset Management Ltd's holdings in AppLovin were worth $30,387,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atala Financial Inc purchased a new position in shares of AppLovin in the 1st quarter worth $26,000. Hilltop National Bank purchased a new position in shares of AppLovin in the 2nd quarter worth $26,000. Alpine Bank Wealth Management purchased a new position in shares of AppLovin in the 1st quarter worth $27,000. ORG Wealth Partners LLC purchased a new position in shares of AppLovin in the 1st quarter worth $29,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new position in shares of AppLovin in the 1st quarter worth $29,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 90,000 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of AppLovin stock opened at $682.76 on Friday. The stock's 50-day simple moving average is $514.58 and its 200-day simple moving average is $390.81. AppLovin Corporation has a 52 week low of $135.50 and a 52 week high of $745.61. The company has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a PEG ratio of 3.75 and a beta of 2.53. 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 (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 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 business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business earned $0.89 earnings per share. The business's revenue was up 77.1% on a year-over-year basis. As a group, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on APP. BTIG Research raised their price target on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Zacks Research upgraded AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Bank of America lifted their target price on AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday. Benchmark lifted their target price on AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $578.86.

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.

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