AppLovin Corporation $APP Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. decreased its stake in AppLovin Corporation (NASDAQ:APP) by 29.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 44,408 shares of the company’s stock after selling 18,833 shares during the quarter. iA Global Asset Management Inc.’s holdings in AppLovin were worth $22,880,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of APP. Revolve Wealth Partners LLC acquired a new position in AppLovin during the 4th quarter worth approximately $294,000. Bison Wealth LLC acquired a new stake in AppLovin in the fourth quarter valued at approximately $239,000. Integrated Wealth Concepts LLC raised its stake in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after purchasing an additional 621 shares during the period. NewEdge Advisors LLC raised its stake in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after purchasing an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in shares of AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after purchasing an additional 9,380 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on APP shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. UBS Group cut their price objective on shares of AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Piper Sandler cut shares of AppLovin from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $665.00 to $385.00 in a research report on Thursday, August 6th. Wells Fargo & Company reissued an “equal weight” rating and issued a $357.00 price objective (down from $575.00) on shares of AppLovin in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group lowered their target price on AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $565.91.

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
• Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
• Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
• Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
• Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings

AppLovin Stock Up 0.9%

APP stock opened at $315.44 on Friday. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm has a 50 day simple moving average of $447.84 and a 200-day simple moving average of $456.06. The company has a market capitalization of $105.56 billion, a P/E ratio of 24.25, a PEG ratio of 0.63 and a beta of 2.54. AppLovin Corporation has a twelve month low of $303.17 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the company posted $2.39 earnings per share. The firm’s quarterly revenue was up 52.8% on a year-over-year basis. On average, equities research analysts predict that AppLovin Corporation will post 15.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 22,544 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This represents a 0.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is currently owned by insiders.

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.