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

Envestnet Portfolio Solutions Inc. cut its stake in AppLovin Corporation (NASDAQ:APP) by 13.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

Several other hedge funds also recently added to or reduced their stakes in APP. Vanguard Group Inc. lifted its position in shares of AppLovin by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after purchasing an additional 166,117 shares in the last quarter. State Street Corp boosted its holdings in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares during the last quarter. Invesco Ltd. boosted its holdings in AppLovin by 9.4% in the third quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock valued at $3,084,514,000 after purchasing an additional 367,083 shares during the last quarter. Jennison Associates LLC boosted its holdings in AppLovin by 55.2% in the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after purchasing an additional 1,381,970 shares during the last quarter. Finally, Kensico Capital Management Corp boosted its holdings in AppLovin by 3.1% in the third quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock valued at $2,240,767,000 after purchasing an additional 95,000 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were 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 represents a 1.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the transaction, the chief technology officer owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. This represents a 1.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 365,244 shares of company stock worth $169,584,607 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on APP. Oppenheimer reduced their price target on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Argus started coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective for the company. Citigroup decreased their price objective on shares of AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Wedbush reissued an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Stock Performance

APP stock opened at $482.28 on Thursday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a market capitalization of $162.02 billion, a price-to-earnings ratio of 41.43, a PEG ratio of 0.78 and a beta of 2.37. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The stock’s fifty day moving average is $445.73 and its two-hundred day moving average is $525.32.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. On average, research analysts predict that AppLovin Corporation will post 15.86 EPS for the current year.

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.