Franklin Resources Inc. Sells 608,002 Shares of AppLovin Corporation $APP

Franklin Resources Inc. trimmed its position in shares of AppLovin Corporation (NASDAQ:APP) by 24.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,834,448 shares of the company’s stock after selling 608,002 shares during the period. Franklin Resources Inc.’s holdings in AppLovin were worth $1,236,097,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Washington Trust Advisors Inc. increased its holdings in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in AppLovin in the 4th quarter valued at $27,000. CBIZ Investment Advisory Services LLC increased its holdings in AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 17 shares during the last quarter. Laurel Wealth Advisors LLC bought a new stake in AppLovin in the 4th quarter valued at $32,000. Finally, Graney & King LLC bought a new stake in AppLovin in the 3rd quarter valued at $36,000. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin 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 transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 467,092 shares of company stock valued at $220,268,340. Corporate insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $557.20 on Monday. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The stock has a market capitalization of $187.19 billion, a P/E ratio of 47.87, a PEG ratio of 0.91 and a beta of 2.45. The firm has a fifty day simple moving average of $470.43 and a two-hundred day simple moving average of $521.30. 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) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the company posted $1.67 EPS. The business’s revenue was up 58.9% on a year-over-year basis. On average, analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on APP. Argus began coverage on shares of AppLovin in a report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target on the stock. Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 7th. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Friday, March 6th. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $664.35.

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.