AppLovin Corporation $APP Shares Sold by Drive Wealth Management LLC

Drive Wealth Management LLC lessened its stake in shares of AppLovin Corporation (NASDAQ:APP) by 4.2% during the second quarter, HoldingsChannel reports. The firm owned 1,067 shares of the company’s stock after selling 47 shares during the period. Drive Wealth Management LLC’s holdings in AppLovin were worth $374,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of APP. Legal Advantage Investments Inc. acquired a new stake in AppLovin during the 2nd quarter valued at approximately $1,523,000. Park Avenue Securities LLC grew its position in shares of AppLovin by 30.6% during the second quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock worth $7,313,000 after buying an additional 4,890 shares in the last quarter. IFM Investors Pty Ltd increased its stake in shares of AppLovin by 15.6% in the second quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock worth $15,827,000 after buying an additional 6,104 shares during the last quarter. Aberdeen Group plc grew its holdings in AppLovin by 6.5% during the 2nd quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock worth $39,972,000 after acquiring an additional 7,001 shares in the last quarter. Finally, Lee Johnson Capital Management LLC increased its position in shares of AppLovin by 13.6% in the 2nd quarter. Lee Johnson Capital Management LLC now owns 12,449 shares of the company’s stock worth $4,358,000 after purchasing an additional 1,491 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Benchmark increased their price target on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Royal Bank Of Canada assumed coverage on AppLovin in a report on Monday, October 13th. They set an “outperform” rating and a $700.00 target price on the stock. BTIG Research lifted their price objective on shares of AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $600.59.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 26,200 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the transaction, the insider directly owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company’s stock.

AppLovin Stock Down 5.6%

APP stock opened at $565.94 on Tuesday. The firm’s 50-day moving average is $558.26 and its two-hundred day moving average is $415.77. The company has a market capitalization of $191.43 billion, a price-to-earnings ratio of 80.39, a price-to-earnings-growth ratio of 3.25 and a beta of 2.53. AppLovin Corporation has a 52 week low of $148.01 and a 52 week high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.89 earnings per share. On average, analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.