Cresset Asset Management LLC Has $14.44 Million Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Cresset Asset Management LLC trimmed its position in AppLovin Corporation (NASDAQ:APP) by 49.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 54,498 shares of the company’s stock after selling 52,583 shares during the period. Cresset Asset Management LLC’s holdings in AppLovin were worth $14,440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC acquired a new position in AppLovin in the 4th quarter valued at $294,000. Rockefeller Capital Management L.P. acquired a new stake in shares of AppLovin during the 4th quarter worth $3,996,000. Jump Financial LLC acquired a new stake in shares of AppLovin during the 4th quarter worth $1,242,000. Commerce Bank grew its holdings in shares of AppLovin by 192.1% during the 4th quarter. Commerce Bank now owns 25,652 shares of the company’s stock worth $8,307,000 after purchasing an additional 16,870 shares in the last quarter. Finally, Forum Financial Management LP grew its holdings in shares of AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after purchasing an additional 33 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total transaction of $92,938,000.00. Following the completion of the transaction, the director directly owned 381,929 shares in the company, valued at $177,478,587.01. This trade represents a 34.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total value of $58,250,000.00. Following the transaction, the director owned 7,283,292 shares of the company’s stock, valued at $3,394,014,072. This trade represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 925,398 shares of company stock valued at $392,582,738 over the last three months. Company insiders own 13.66% of the company’s stock.

AppLovin Price Performance

AppLovin stock opened at $438.68 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $148.38 billion, a PE ratio of 62.31, a P/E/G ratio of 2.45 and a beta of 2.43. AppLovin Corporation has a 12 month low of $82.51 and a 12 month high of $525.15. The stock has a 50-day moving average price of $370.82 and a two-hundred day moving average price of $343.07.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%. The business’s quarterly revenue was up 77.1% on a year-over-year basis. During the same period last year, the company earned $0.89 earnings per share. Analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on APP. Zacks Research raised AppLovin to a “strong-buy” rating in a report on Friday, August 8th. HSBC set a $436.00 target price on AppLovin and gave the stock a “buy” rating in a report on Wednesday, April 23rd. BTIG Research increased their target price on AppLovin from $480.00 to $483.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their target price on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $472.33.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.