Strategic Global Advisors LLC Reduces Stake in AppLovin Corporation $APP

Strategic Global Advisors LLC reduced its position in AppLovin Corporation (NASDAQ:APP) by 51.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,501 shares of the company’s stock after selling 8,024 shares during the period. Strategic Global Advisors LLC’s holdings in AppLovin were worth $5,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of APP. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin in the 4th quarter worth $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin in the 4th quarter worth $239,000. Integrated Wealth Concepts LLC boosted its stake in shares of AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after buying an additional 621 shares during the last quarter. NewEdge Advisors LLC lifted its position in AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after purchasing an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after purchasing an additional 9,380 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

NASDAQ:APP opened at $496.77 on Monday. 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 business’s 50-day simple moving average is $482.88 and its two-hundred day simple moving average is $520.57. The stock has a market cap of $166.88 billion, a PE ratio of 42.68, a P/E/G ratio of 0.81 and a beta of 2.45. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period last year, the firm earned $1.67 earnings per share. As a group, analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

AppLovin News Summary

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. BTIG Research reiterated a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 28th. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Argus assumed coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price on the stock. Finally, Wells Fargo & Company lifted their target price on AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $669.62.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the sale, the director directly owned 123,520 shares of the company’s stock, valued at $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 226,014 shares of company stock valued at $113,073,400. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Company 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.