AppLovin Corporation $APP Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in AppLovin Corporation (NASDAQ:APP) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,358,573 shares of the company’s stock after selling 49,731 shares during the period. Bank of New York Mellon Corp’s holdings in AppLovin were worth $540,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in AppLovin by 0.7% during the fourth 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 period. State Street Corp grew its position in AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after purchasing an additional 52,377 shares during the period. Geode Capital Management LLC raised its stake in shares of AppLovin by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after buying an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of AppLovin by 3.6% during the 4th 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 buying an additional 212,349 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after buying an additional 538,806 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of APP stock opened at $434.48 on Friday. 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 Corporation has a 12-month low of $343.00 and a 12-month high of $745.61. The business’s 50 day moving average is $506.89 and its two-hundred day moving average is $489.64. The company has a market capitalization of $145.96 billion, a P/E ratio of 37.33, a P/E/G ratio of 0.74 and a beta of 2.49.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s revenue was up 58.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.67 earnings per share. Analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the 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 transaction, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction dated 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 completion of the sale, the chief executive officer owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This trade represents a 0.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 393,000 shares of company stock worth $197,297,363 in the last 90 days. 13.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on APP shares. JPMorgan Chase & Co. upped their target price on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Needham & Company LLC reissued a “buy” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. KeyCorp set a $775.00 price objective on AppLovin in a research report on Wednesday, June 10th. Finally, Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Two research analysts have 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 a consensus rating of “Moderate Buy” and an average target price of $668.45.

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.