NewEdge Wealth LLC Sells 2,352 Shares of AppLovin Corporation $APP

NewEdge Wealth LLC lessened its position in AppLovin Corporation (NASDAQ:APP) by 17.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,212 shares of the company’s stock after selling 2,352 shares during the quarter. NewEdge Wealth LLC’s holdings in AppLovin were worth $4,462,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Generate Investment Management Ltd bought a new position in shares of AppLovin in the 4th quarter worth about $2,347,000. Calamos Advisors LLC boosted its stake in AppLovin by 73.3% during the fourth quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock worth $32,840,000 after acquiring an additional 20,609 shares in the last quarter. Capricorn Fund Managers Ltd bought a new stake in AppLovin during the fourth quarter worth about $4,043,000. Dara Capital US Inc. purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $1,747,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of AppLovin by 97.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 43,988 shares of the company’s stock worth $29,640,000 after acquiring an additional 21,694 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

APP stock opened at $391.98 on Friday. The company has a market cap of $131.68 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 0.65 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock’s fifty day moving average price is $498.97 and its 200-day moving average price is $480.08. AppLovin Corporation has a 1 year low of $357.03 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.67 EPS. On average, equities analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. KeyCorp set a $775.00 price target on shares of AppLovin in a research note on Wednesday, June 10th. Benchmark restated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Wedbush reiterated an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Finally, Raymond James Financial began coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $668.45.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. This represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the sale, the chief executive officer owned 2,327,684 shares in the company, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 393,000 shares of company stock valued at $197,297,363 in the last ninety days. 12.81% of the stock is currently owned by company insiders.

About AppLovin

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.