RFG Advisory LLC Decreases Stock Position in AppLovin Corporation $APP

RFG Advisory LLC cut its holdings in AppLovin Corporation (NASDAQ:APP) by 80.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 346 shares of the company’s stock after selling 1,399 shares during the quarter. RFG Advisory LLC’s holdings in AppLovin were worth $233,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after buying an additional 166,117 shares during the last quarter. State Street Corp raised its holdings in shares of AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Invesco Ltd. raised its holdings in shares of AppLovin by 9.4% in 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. Jennison Associates LLC raised its holdings in shares of AppLovin by 55.2% in the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after buying an additional 1,381,970 shares during the last quarter. Finally, Kensico Capital Management Corp raised its holdings in shares of AppLovin by 3.1% in the third quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock worth $2,240,767,000 after buying an additional 95,000 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Trading Up 2.1%

Shares of AppLovin stock opened at $478.42 on Tuesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a fifty day moving average price of $444.44 and a 200 day moving average price of $531.76. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The stock has a market cap of $161.36 billion, a PE ratio of 41.10, a price-to-earnings-growth ratio of 0.77 and a beta of 2.37.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the company posted $1.67 earnings per share. The firm’s revenue was up 58.9% compared to the same quarter last year. Equities research analysts predict that AppLovin Corporation will post 15.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, February 12th. Jefferies Financial Group decreased their price target on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday. Piper Sandler raised their price objective on AppLovin from $650.00 to $665.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, BTIG Research restated a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $664.35.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer owned 3,255,273 shares of the company’s stock, valued at approximately $1,583,462,445.39. This represents a 1.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 365,244 shares of company stock valued at $169,584,607 over the last 90 days. 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.