Elevation Point Wealth Partners LLC Sells 10,163 Shares of AppLovin Corporation $APP

Elevation Point Wealth Partners LLC trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 88.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,346 shares of the company’s stock after selling 10,163 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in AppLovin were worth $967,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Chilton Capital Management LLC purchased a new position in AppLovin in the third quarter worth $29,000. Activest Wealth Management increased its position in shares of AppLovin by 760.0% during the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock valued at $31,000 after purchasing an additional 38 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of AppLovin during the 2nd quarter worth $33,000. Heartwood Wealth Advisors LLC bought a new stake in shares of AppLovin during the 3rd quarter worth $33,000. Finally, CBIZ Investment Advisory Services LLC boosted its holdings in shares of AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 17 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $453.30 on Tuesday. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $152.89 billion, a PE ratio of 46.49, a P/E/G ratio of 0.81 and a beta of 2.51. AppLovin Corporation has a twelve month low of $200.50 and a twelve month high of $745.61. The company has a 50-day moving average price of $490.72 and a two-hundred day moving average price of $574.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.35. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The company’s quarterly revenue was up 66.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 188,033 shares of company stock worth $90,662,374. 13.66% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

APP has been the subject of several research reports. BTIG Research reduced their price target on shares of AppLovin from $771.00 to $640.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. Royal Bank Of Canada reissued an “outperform” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, February 12th. Oppenheimer decreased their price target on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Finally, UBS Group set a $740.00 price target on shares of AppLovin in a report on Thursday, February 12th. Twenty research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $654.50.

About AppLovin

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.