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

Elevation Point Wealth Partners LLC lowered its stake in shares of AppLovin Corporation (NASDAQ:APP) by 88.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,346 shares of the company’s stock after selling 10,163 shares during the period. Elevation Point Wealth Partners LLC’s holdings in AppLovin were worth $967,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Chilton Capital Management LLC bought a new stake in AppLovin in the 3rd quarter valued at about $29,000. Activest Wealth Management raised its stake in AppLovin by 760.0% during the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after buying an additional 38 shares during the period. Heartwood Wealth Advisors LLC bought a new position in AppLovin in the third quarter worth approximately $33,000. CBIZ Investment Advisory Services LLC boosted its holdings in AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 17 shares in the last quarter. Finally, Bogart Wealth LLC grew its stake in AppLovin by 100.0% in the third quarter. Bogart Wealth LLC now owns 48 shares of the company’s stock valued at $34,000 after acquiring an additional 24 shares during the period. Institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 40,704 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer owned 2,430,414 shares in the company, valued at $1,117,625,877.90. This represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 5,231 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the transaction, the chief technology officer directly owned 30,658 shares in the company, valued at $14,638,275.26. The trade was a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 188,033 shares of company stock worth $90,662,374 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 1.2%

Shares of NASDAQ:APP opened at $453.30 on Tuesday. The business’s 50 day moving average is $490.72 and its 200 day moving average is $574.61. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The stock has a market cap of $152.89 billion, a price-to-earnings ratio of 46.49, a PEG ratio of 0.81 and a beta of 2.51. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 1.65.

AppLovin (NASDAQ:APP) last released 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 business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the firm posted $1.73 EPS. AppLovin’s quarterly revenue was up 66.0% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on APP. The Goldman Sachs Group decreased their price objective on AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Friday, March 6th. UBS Group set a $740.00 price target on shares of AppLovin in a research note on Thursday, February 12th. Piper Sandler restated an “overweight” rating and set a $650.00 price objective (down from $800.00) on shares of AppLovin in a report on Thursday, February 12th. Finally, Weiss Ratings lowered shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 10th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, AppLovin presently has an average 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.