NewEdge Wealth LLC Cuts Stock Holdings in AppLovin Corporation $APP

by · The Markets Daily

NewEdge Wealth LLC reduced its stake in shares of AppLovin Corporation (NASDAQ:APP – Free Report) by 17.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,212 shares of the company’s stock after selling 2,352 shares during the quarter. NewEdge Wealth LLC’s holdings in AppLovin were worth $4,462,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. State Street Corp boosted its holdings in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Corient Private Wealth LLC increased its stake in AppLovin by 3,118.6% in the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after purchasing an additional 4,063,763 shares during the period. Norges Bank bought a new stake in AppLovin in the fourth quarter valued at approximately $2,040,321,000. Northern Trust Corp lifted its position in AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the last quarter. Finally, Amundi lifted its position in AppLovin by 81.3% in the fourth quarter. Amundi now owns 1,426,896 shares of the company’s stock valued at $961,471,000 after purchasing an additional 639,836 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of APP stock opened at $391.98 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a fifty-two week low of $357.03 and a fifty-two week high of $745.61. The firm has a market cap of $131.68 billion, a P/E ratio of 33.68, a P/E/G ratio of 0.65 and a beta of 2.49. The business’s 50 day moving average price is $498.97 and its 200-day moving average price is $480.08.

AppLovin (NASDAQ:APP – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 earnings per share. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. On average, equities research analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on APP shares. UBS Group cut their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Argus initiated coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target for the company. Wells Fargo & Company raised their price target on shares of AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, KeyCorp set a $775.00 price objective on shares of AppLovin in a research report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

View Our Latest Analysis on APP

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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