OneAscent Financial Services LLC Trims Stock Position in AppLovin Corporation $APP

OneAscent Financial Services LLC decreased its position in AppLovin Corporation (NASDAQ:APP) by 49.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,350 shares of the company’s stock after selling 1,315 shares during the period. OneAscent Financial Services LLC’s holdings in AppLovin were worth $970,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of APP. Revolve Wealth Partners LLC purchased a new position in AppLovin during the 4th quarter worth $294,000. Bison Wealth LLC purchased a new stake in shares of AppLovin in the 4th quarter worth $239,000. Advisors Asset Management Inc. grew its position in shares of AppLovin by 13.5% during the 1st quarter. Advisors Asset Management Inc. now owns 1,147 shares of the company’s stock worth $304,000 after buying an additional 136 shares in the last quarter. Integrated Wealth Concepts LLC increased 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 buying an additional 621 shares during the period. Finally, Fred Alger Management LLC increased its stake in shares of AppLovin by 12.0% during the first quarter. Fred Alger Management LLC now owns 2,833,792 shares of the company’s stock valued at $750,870,000 after buying an additional 303,063 shares during the period. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

APP has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $425.00 to $650.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. UBS Group restated a “buy” rating and issued a $775.00 price target on shares of AppLovin in a report on Thursday, December 11th. Morgan Stanley upped their price target on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Wedbush lifted their price objective on shares of AppLovin from $745.00 to $800.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Finally, Oppenheimer set a $740.00 target price on AppLovin in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $695.90.

AppLovin Stock Up 2.4%

Shares of AppLovin stock opened at $632.91 on Tuesday. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. The company has a market cap of $213.89 billion, a P/E ratio of 76.81, a PEG ratio of 2.04 and a beta of 2.50. The firm’s 50 day moving average price is $639.03 and its 200-day moving average price is $537.14. AppLovin Corporation has a 52-week low of $200.50 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm earned $1.29 earnings per share. AppLovin’s revenue was up 68.2% compared to the same quarter last year. On average, sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 7,609 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $657.13, for a total value of $5,000,102.17. Following the completion of the sale, the insider directly owned 277,110 shares in the company, valued at approximately $182,097,294.30. This trade represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 150 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $693.32, for a total value of $103,998.00. Following the sale, the director owned 2,829 shares in the company, valued at $1,961,402.28. The trade was a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 340,336 shares of company stock worth $200,062,623 over the last quarter. Company insiders own 13.66% of the company’s stock.

About AppLovin

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.