Empowered Funds LLC Sells 2,457 Shares of AppLovin Corporation $APP

Empowered Funds LLC lessened its position in shares of AppLovin Corporation (NASDAQ:APP) by 3.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 74,633 shares of the company’s stock after selling 2,457 shares during the quarter. Empowered Funds LLC’s holdings in AppLovin were worth $29,704,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in APP. Cassaday & Co Wealth Management LLC purchased a new stake in shares of AppLovin during the 1st quarter worth approximately $25,000. Washington Trust Advisors Inc. grew its holdings in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of AppLovin in the fourth quarter valued at $27,000. Laurel Wealth Advisors LLC bought a new stake in AppLovin in the fourth quarter worth $32,000. Finally, First Pacific Financial bought a new stake in AppLovin in the first quarter worth $33,000. Institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 393,000 shares of company stock valued at $197,297,363. Insiders own 12.81% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. BTIG Research restated a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Raymond James Financial began coverage on shares of AppLovin in a report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Trading Up 5.3%

APP opened at $412.73 on Tuesday. 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’s 50 day moving average price is $497.38 and its 200-day moving average price is $477.57. AppLovin Corporation has a one year low of $358.55 and a one year high of $745.61. The stock has a market cap of $138.65 billion, a price-to-earnings ratio of 35.46, a P/E/G ratio of 0.64 and a beta of 2.49.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) 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 firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the company earned $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. On average, equities analysts forecast that AppLovin Corporation will post 15.93 EPS for the current year.

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.