Lazard Asset Management LLC Sells 6,181 Shares of AppLovin Corporation $APP

Lazard Asset Management LLC decreased its position in shares of AppLovin Corporation (NASDAQ:APP) by 27.3% during the first quarter, Holdings Channel reports. The fund owned 16,493 shares of the company’s stock after selling 6,181 shares during the period. Lazard Asset Management LLC’s holdings in AppLovin were worth $6,564,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the fourth quarter worth $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter valued at $239,000. Integrated Wealth Concepts LLC boosted its holdings in shares of AppLovin by 58.0% during the 1st 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 in the last quarter. NewEdge Advisors LLC grew its position in shares of AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after buying an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in shares of AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after buying an additional 9,380 shares during the period. Institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by insiders.

AppLovin Price Performance

APP opened at $403.87 on Friday. The firm has a market cap of $135.68 billion, a PE ratio of 34.70, a P/E/G ratio of 0.65 and a beta of 2.49. The stock has a 50-day moving average price of $492.91 and a 200-day moving average price of $472.81. AppLovin Corporation has a 1 year low of $359.00 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 EPS. Sell-side analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on APP shares. Benchmark reissued a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Wedbush restated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Argus started coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price for the company. Finally, Weiss Ratings cut AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $668.45.

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.