AppLovin Corporation $APP Shares Sold by Clear Street Group Inc.

by · The Cerbat Gem

Clear Street Group Inc. lowered its stake in shares of AppLovin Corporation (NASDAQ:APP – Free Report) by 46.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,986 shares of the company’s stock after selling 39,593 shares during the period. Clear Street Group Inc.’s holdings in AppLovin were worth $30,312,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in AppLovin by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after buying an additional 166,117 shares during the last quarter. State Street Corp boosted its stake in AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after buying an additional 52,377 shares during the last quarter. Geode Capital Management LLC boosted its stake in AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after buying an additional 448,005 shares during the last quarter. Morgan Stanley boosted its stake in AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after buying an additional 538,806 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in AppLovin by 9.4% during the third quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock worth $3,084,514,000 after buying an additional 367,083 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $496.77 on Friday. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The business’s fifty day simple moving average is $482.88 and its 200-day simple moving average is $520.84. The firm has a market cap of $166.88 billion, a PE ratio of 42.68, a price-to-earnings-growth ratio of 0.81 and a beta of 2.45. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP – Get Free Report) last announced 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. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the company posted $1.67 EPS. The company’s quarterly revenue was up 58.9% on a year-over-year basis. Equities analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of recent research reports. Benchmark reissued a “buy” rating on shares of AppLovin in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. UBS Group decreased their price target on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Argus began coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $669.62.

Check Out Our Latest Analysis on APP

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

  • Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
  • Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
  • Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Insider Transactions at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the sale, the director directly owned 123,520 shares in the company, valued at $71,893,580.80. This represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 389,924 shares of company stock worth $187,404,946. 13.66% of the stock is owned by corporate insiders.

AppLovin Profile

(Free Report)

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.

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