Overbrook Management Corp Sells 17,070 Shares of AppLovin Corporation $APP

Overbrook Management Corp cut its position in shares of AppLovin Corporation (NASDAQ:APP) by 58.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,111 shares of the company’s stock after selling 17,070 shares during the period. AppLovin comprises 0.9% of Overbrook Management Corp’s portfolio, making the stock its 25th biggest position. Overbrook Management Corp’s holdings in AppLovin were worth $6,240,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the firm’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 sale, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 393,000 shares of company stock valued at $197,297,363 in the last ninety days. Company insiders own 12.81% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the topic of several recent research reports. Citigroup dropped their target price on AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Needham & Company LLC lowered their price target on shares of AppLovin from $700.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Phillip Securities raised shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. upped their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, Raymond James Financial assumed coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective on the stock. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $565.91.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $315.44 on Monday. AppLovin Corporation has a 12-month low of $303.17 and a 12-month high of $745.61. The company has a market capitalization of $105.56 billion, a PE ratio of 24.25, a PEG ratio of 0.63 and a beta of 2.54. The business has a 50 day moving average of $447.84 and a two-hundred day moving average of $455.50. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the company earned $2.39 EPS. The business’s revenue was up 52.8% on a year-over-year basis. As a group, analysts forecast that AppLovin Corporation will post 15.57 EPS for the current year.

Key Headlines Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
• Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
• Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
• Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
• Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings

AppLovin Company 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.