Steward Partners Investment Advisory LLC Has $790,000 Stake in AppLovin Corporation $APP

Steward Partners Investment Advisory LLC cut its stake in AppLovin Corporation (NASDAQ:APP) by 96.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,257 shares of the company’s stock after selling 65,061 shares during the period. Steward Partners Investment Advisory LLC’s holdings in AppLovin were worth $790,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in APP. Hilltop National Bank acquired a new stake in shares of AppLovin during the 2nd quarter valued at $26,000. LFA Lugano Financial Advisors SA bought a new stake in AppLovin in the second quarter valued at approximately $26,000. SouthState Corp acquired a new position in shares of AppLovin in the 1st quarter valued at about $29,000. Hoey Investments Inc. bought a new stake in AppLovin in the second quarter worth approximately $35,000. Finally, Trust Co. of Vermont bought a new stake in shares of AppLovin in the 2nd quarter valued at $35,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $653.00 on Wednesday. AppLovin Corporation has a 52 week low of $200.50 and a 52 week high of $745.61. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. The business has a 50 day moving average price of $607.16 and a 200-day moving average price of $484.07. The company has a market cap of $220.68 billion, a PE ratio of 79.25, a price-to-earnings-growth ratio of 3.34 and a beta of 2.51.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm posted $1.29 EPS. AppLovin’s quarterly revenue was up 68.2% compared to the same quarter last year. Equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Eduardo Vivas sold 150,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the transaction, the director directly owned 7,133,292 shares in the company, valued at approximately $4,643,131,095.72. The trade was a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 30,888 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the sale, the chief executive officer owned 2,553,161 shares of the company’s stock, valued at approximately $1,328,384,136.69. This trade represents a 1.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 367,927 shares of company stock valued at $212,707,362 in the last three months. 13.66% of the stock is owned by company insiders.

Analyst Ratings Changes

APP has been the topic of several research reports. Wall Street Zen lowered shares of AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Benchmark boosted their target price on AppLovin from $640.00 to $700.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of AppLovin in a report on Monday. Oppenheimer set a $740.00 price objective on AppLovin in a research note on Tuesday, October 7th. Finally, Deutsche Bank Aktiengesellschaft set a $705.00 price objective on AppLovin and gave the company a “buy” rating in a report on Wednesday, October 22nd. Twenty-one investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $658.27.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.