WT Asset Management Ltd Sells 131,400 Shares of AppLovin Corporation $APP

Key Points

• WT Asset Management Ltd trimmed its stake by 63.5% in the fourth quarter, selling 131,400 AppLovin shares and leaving it with 75,400 shares worth about $50.8 million (2.0% of its portfolio; the stock is its 19th largest holding).
• Significant insider selling: CTO Vasily Shikin and Director Eduardo Vivas sold 62,804 and 163,910 shares in March for roughly $30.5M and $74.3M respectively, and insiders disposed of 365,244 shares (~$169.6M) over the past three months (insiders now own 13.66% of the stock).
• Analysts remain generally bullish with a MarketBeat consensus of "Moderate Buy" and a $673.25 target (several firms set targets up to $775), while AppLovin recently beat quarterly expectations with $3.24 EPS and $1.66B revenue (up 66% YoY), despite the stock's steep decline this year.

WT Asset Management Ltd trimmed its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 63.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 75,400 shares of the company's stock after selling 131,400 shares during the quarter. AppLovin comprises about 2.0% of WT Asset Management Ltd's portfolio, making the stock its 19th biggest holding. WT Asset Management Ltd's holdings in AppLovin were worth $50,806,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Revolve Wealth Partners LLC acquired a new stake in AppLovin during the fourth quarter worth about $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC lifted its holdings in shares of AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after acquiring an additional 621 shares during the period. NewEdge Advisors LLC boosted its position in shares of AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock worth $5,084,000 after acquiring an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of AppLovin by 7.2% during 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 acquiring an additional 9,380 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the sale, the chief technology officer directly owned 3,255,273 shares of the company's stock, valued at approximately $1,583,462,445.39. This trade represents a 1.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the sale, the director owned 6,969,382 shares in the company, valued at approximately $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 365,244 shares of company stock worth $169,584,607. 13.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on APP shares. Scotiabank upped their target price on AppLovin from $750.00 to $775.00 and gave the stock an "outperform" rating in a research note on Thursday, February 12th. Argus assumed coverage on AppLovin in a research note on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price target on the stock. UBS Group set a $740.00 price target on AppLovin in a report on Thursday, February 12th. Wedbush upped their price objective on AppLovin from $465.00 to $640.00 and gave the stock an "outperform" rating in a research report on Thursday, February 12th. Finally, Benchmark reaffirmed a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. One equities research 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $673.25.

AppLovin Stock Performance

NASDAQ APP opened at $448.29 on Friday. The firm's fifty day moving average price is $433.47 and its two-hundred day moving average price is $540.66. The stock has a market cap of $151.20 billion, a PE ratio of 45.98, a PEG ratio of 0.79 and a beta of 2.50. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.32 and a current ratio of 3.32. AppLovin Corporation has a fifty-two week low of $246.00 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The company had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the prior year, the company earned $1.73 EPS. AppLovin's revenue was up 66.0% compared to the same quarter last year. On average, equities analysts expect that AppLovin Corporation will post 15.72 EPS for the current fiscal 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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