Sterling Capital Management LLC Reduces Holdings in AppLovin Corporation $APP

Sterling Capital Management LLC cut its stake in AppLovin Corporation (NASDAQ:APP) by 40.8% in the first quarter, Holdings Channel.com reports. The fund owned 5,907 shares of the company’s stock after selling 4,078 shares during the quarter. Sterling Capital Management LLC’s holdings in AppLovin were worth $2,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after purchasing an additional 166,117 shares during the last quarter. State Street Corp lifted its stake in AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after buying an additional 52,377 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of AppLovin by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after acquiring an additional 448,005 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of AppLovin by 3.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after acquiring an additional 212,349 shares during the period. Finally, Morgan Stanley grew its position in shares of AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after acquiring an additional 538,806 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $477.08 on Monday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 1 year low of $325.58 and a 1 year high of $745.61. The stock has a fifty day moving average price of $497.00 and a two-hundred day moving average price of $509.62. The stock has a market capitalization of $160.27 billion, a price-to-earnings ratio of 40.99, a PEG ratio of 0.77 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s revenue was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 earnings per share. As a group, sell-side analysts anticipate that AppLovin Corporation will post 15.97 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total value of $30,423,513.68. Following the completion of the transaction, the chief technology officer directly owned 3,189,739 shares of the company’s stock, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the sale, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 in the last ninety days. 13.66% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on APP shares. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Oppenheimer dropped their price objective on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Weiss Ratings cut shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 7th. KeyCorp set a $775.00 price target on AppLovin in a report on Wednesday, June 10th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. One 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’s stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $669.62.

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.