AppLovin Corporation $APP Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. reduced its holdings in AppLovin Corporation (NASDAQ:APP) by 13.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,628 shares of the company’s stock after selling 1,734 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AppLovin were worth $7,835,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in APP. Mediolanum International Funds Ltd grew its stake in AppLovin by 73.5% during the 3rd quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock valued at $54,664,000 after acquiring an additional 32,510 shares in the last quarter. Allworth Financial LP grew its stake in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after acquiring an additional 3,438 shares in the last quarter. CIBC Asset Management Inc grew its stake in AppLovin by 14.8% during the 3rd quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock valued at $84,160,000 after acquiring an additional 15,074 shares in the last quarter. APG Asset Management N.V. purchased a new position in AppLovin during the 3rd quarter valued at about $4,958,000. Finally, Trek Financial LLC grew its stake in AppLovin by 851.6% during the 3rd quarter. Trek Financial LLC now owns 9,630 shares of the company’s stock valued at $6,920,000 after acquiring an additional 8,618 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on APP. BTIG Research reaffirmed a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, February 12th. Oppenheimer dropped their price target on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Wedbush reaffirmed an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Finally, UBS Group dropped their price target on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $664.35.

AppLovin Price Performance

Shares of APP opened at $482.28 on Thursday. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The firm’s 50 day moving average price is $445.73 and its 200 day moving average price is $525.32. The firm has a market cap of $162.02 billion, a PE ratio of 41.43, a PEG ratio of 0.78 and a beta of 2.37. 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 (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The business’s quarterly revenue was up 58.9% compared to the same quarter last year. As a group, research analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Eduardo Vivas sold 163,910 shares of the company’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 sale, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 5,231 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer directly owned 30,658 shares of the company’s stock, valued at approximately $14,638,275.26. This represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 365,244 shares of company stock valued at $169,584,607 over the last quarter. Insiders own 13.66% of the company’s stock.

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.