AppLovin Corporation $APP Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. cut its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 15.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 22,723 shares of the company’s stock after selling 4,099 shares during the quarter. QRG Capital Management Inc.’s holdings in AppLovin were worth $9,044,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of APP. Redhawk Wealth Advisors Inc. raised its holdings in shares of AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after purchasing an additional 18 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in AppLovin by 5.7% in the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after purchasing an additional 18 shares during the last quarter. Strategic Advocates LLC grew its position in AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock worth $1,851,000 after purchasing an additional 21 shares during the period. Finivi Inc. grew its position in AppLovin by 3.2% during the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after purchasing an additional 22 shares during the period. Finally, Alta Wealth Advisors LLC raised its stake in shares of AppLovin by 0.6% during the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock valued at $2,645,000 after buying an additional 24 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

NASDAQ:APP opened at $527.06 on Friday. AppLovin Corporation has a 52 week low of $325.58 and a 52 week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $177.06 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 0.85 and a beta of 2.49. The stock’s 50-day moving average price is $501.83 and its 200-day moving average price is $504.78.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.67 EPS. As a group, equities analysts expect that AppLovin Corporation will post 15.96 EPS for the current fiscal year.

Analyst Ratings Changes

APP has been the subject of several analyst reports. UBS Group decreased their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Argus assumed coverage on AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price on the stock. Raymond James Financial started coverage on AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. Finally, BTIG Research reaffirmed a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $668.27.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This represents a 7.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is owned by insiders.

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.