Kestra Private Wealth Services LLC Sells 1,513 Shares of AppLovin Corporation $APP

Kestra Private Wealth Services LLC decreased its position in shares of AppLovin Corporation (NASDAQ:APP) by 16.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,511 shares of the company’s stock after selling 1,513 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in AppLovin were worth $2,989,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin during the fourth quarter valued at $294,000. Bison Wealth LLC acquired a new stake in AppLovin in the fourth quarter worth about $239,000. Integrated Wealth Concepts LLC increased its position in AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares during the period. NewEdge Advisors LLC raised its holdings in AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in AppLovin by 7.2% during 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 purchasing an additional 9,380 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Oppenheimer reduced their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Wedbush restated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Argus began 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, JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $669.62.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction 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 sale, the director directly owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is owned by corporate insiders.

AppLovin Trading Up 7.0%

NASDAQ:APP opened at $477.08 on Friday. 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 business’s 50-day simple moving average is $497.00 and its 200-day simple moving average is $510.88. AppLovin Corporation has a fifty-two week low of $325.58 and a fifty-two week high of $745.61. The stock has a market capitalization of $160.27 billion, a PE ratio of 40.99, a price-to-earnings-growth ratio of 0.78 and a beta of 2.45.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 EPS. Sell-side analysts expect that AppLovin Corporation will post 15.97 earnings per share for the current fiscal year.

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.