Clearbridge Investments LLC Lowers Stock Holdings in AppLovin Corporation $APP

Clearbridge Investments LLC trimmed its position in shares of AppLovin Corporation (NASDAQ:APP) by 14.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 741,609 shares of the company’s stock after selling 120,419 shares during the period. Clearbridge Investments LLC’s holdings in AppLovin were worth $499,711,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of APP. Allworth Financial LP boosted its stake in shares of AppLovin by 131.7% in the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after buying an additional 3,438 shares during the period. APG Asset Management N.V. acquired a new stake in shares of AppLovin during the 3rd quarter worth about $4,958,000. Metis Global Partners LLC raised its position in shares of AppLovin by 138.3% during the 3rd quarter. Metis Global Partners LLC now owns 10,094 shares of the company’s stock worth $7,253,000 after acquiring an additional 5,859 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of AppLovin by 35.4% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,831 shares of the company’s stock worth $19,998,000 after acquiring an additional 7,271 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of AppLovin by 24.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after acquiring an additional 487,492 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the sale, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares of the company’s stock, valued at $1,117,625,877.90. The trade was a 1.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 467,092 shares of company stock valued at $220,268,340. 13.66% of the stock is owned by insiders.

AppLovin Price Performance

APP stock opened at $557.20 on Friday. The company has a market capitalization of $187.19 billion, a P/E ratio of 47.87, a PEG ratio of 0.91 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The business has a 50 day simple moving average of $470.43 and a 200-day simple moving average of $521.43. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data 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 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 company’s revenue was up 58.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.67 earnings per share. As a group, equities analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

Wall Street Analysts Forecast Growth

APP has been the topic of several research analyst reports. Benchmark reissued a “buy” rating on shares of AppLovin in a research report on Friday, March 6th. Morgan Stanley reissued an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. BTIG Research reissued a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Oppenheimer cut their target price on AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Finally, Wedbush reissued an “outperform” rating and set a $640.00 target price on shares of AppLovin in a research 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 a consensus rating of “Moderate Buy” and an average target price of $664.35.

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.