QRG Capital Management Inc. Sells 4,099 Shares of AppLovin Corporation $APP

QRG Capital Management Inc. cut its stake in AppLovin Corporation (NASDAQ:APP) by 15.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,723 shares of the company’s stock after selling 4,099 shares during the quarter. QRG Capital Management Inc.’s holdings in AppLovin were worth $9,044,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. HB Wealth Management LLC grew its stake in AppLovin by 8.5% in the first quarter. HB Wealth Management LLC now owns 7,205 shares of the company’s stock valued at $2,868,000 after purchasing an additional 562 shares during the last quarter. PFG Investments LLC lifted its position in shares of AppLovin by 4.1% during the first quarter. PFG Investments LLC now owns 706 shares of the company’s stock valued at $281,000 after buying an additional 28 shares during the last quarter. Baer Investment Advisory LLC bought a new stake in shares of AppLovin in the 1st quarter valued at about $386,000. World Investment Advisors boosted its holdings in shares of AppLovin by 26.1% in the 1st quarter. World Investment Advisors now owns 7,095 shares of the company’s stock valued at $2,824,000 after buying an additional 1,468 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC grew its position in shares of AppLovin by 23.4% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 1,308 shares of the company’s stock worth $521,000 after buying an additional 248 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

Shares of AppLovin stock opened at $527.06 on Friday. The company has a 50 day moving average price of $501.83 and a 200 day moving average price of $504.78. The firm has a market capitalization of $177.06 billion, a P/E ratio of 45.28, a PEG ratio of 0.85 and a beta of 2.49. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 52 week low of $325.58 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $1.67 EPS. AppLovin’s revenue was up 58.9% compared to the same quarter last year. Sell-side analysts expect that AppLovin Corporation will post 15.96 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. JPMorgan Chase & Co. upped their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, Wedbush reiterated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $668.27.

Insider Buying and Selling at AppLovin

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 sale, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 389,924 shares of company stock valued at $195,693,875. Company insiders own 13.66% of the company’s stock.

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.