Private Client Services LLC Decreases Stock Position in AppLovin Corporation $APP

Private Client Services LLC trimmed its stake in shares of AppLovin Corporation (NASDAQ:APP) by 44.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,539 shares of the company’s stock after selling 1,254 shares during the period. Private Client Services LLC’s holdings in AppLovin were worth $793,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Washington Trust Advisors Inc. grew its position in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in AppLovin in the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC purchased a new position in AppLovin in the fourth quarter worth approximately $32,000. Osbon Capital Management LLC purchased a new position in AppLovin in the fourth quarter worth approximately $36,000. Finally, Dogwood Wealth Management LLC grew its holdings in AppLovin by 84.4% during the 4th quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock worth $40,000 after acquiring an additional 27 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of analyst reports. Benchmark restated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Wedbush restated an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. KeyCorp set a $775.00 price target on AppLovin in a report on Wednesday, June 10th. Finally, UBS Group upped their price objective on AppLovin from $750.00 to $798.00 and gave the stock a “buy” rating in a research report on Monday. Two research 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $672.18.

Insider Activity at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 393,000 shares of company stock valued at $197,297,363. Corporate insiders own 12.81% of the company’s stock.

AppLovin Stock Up 2.6%

Shares of NASDAQ:APP opened at $406.16 on Tuesday. The firm has a 50 day simple moving average of $489.68 and a 200-day simple moving average of $469.11. AppLovin Corporation has a twelve month low of $359.00 and a twelve month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $136.45 billion, a PE ratio of 34.89, a P/E/G ratio of 0.65 and a beta of 2.54.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS 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 firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the business earned $1.67 EPS. AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. On average, equities analysts predict that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

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.