Sterling Capital Management LLC Lowers Stake in AppLovin Corporation $APP

Sterling Capital Management LLC decreased its position in AppLovin Corporation (NASDAQ:APP) by 40.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,907 shares of the company’s stock after selling 4,078 shares during the quarter. Sterling Capital Management LLC’s holdings in AppLovin were worth $2,351,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin in the 4th quarter valued at $294,000. Bison Wealth LLC purchased a new position in AppLovin during the 4th quarter valued at about $239,000. Integrated Wealth Concepts LLC boosted its holdings in 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 acquiring an additional 621 shares during the period. NewEdge Advisors LLC grew its position in AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after acquiring an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in AppLovin by 7.2% during the second 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 period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. BTIG Research reaffirmed a “buy” rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a report on Tuesday, June 9th. Weiss Ratings cut shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note 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 given a Hold rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $669.62.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the sale, the director directly owned 123,520 shares in the company, valued at $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 389,924 shares of company stock worth $195,693,875. 13.66% of the stock is currently owned by company insiders.

AppLovin Price Performance

APP stock opened at $477.08 on Monday. The company’s 50 day moving average price is $497.00 and its 200 day moving average price is $509.62. The firm has a market capitalization of $160.27 billion, a price-to-earnings ratio of 40.99, a PEG ratio of 0.77 and a beta of 2.45. AppLovin Corporation has a fifty-two week low of $325.58 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last issued its quarterly 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. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The firm’s quarterly revenue was up 58.9% on a year-over-year basis. On average, equities research analysts anticipate that AppLovin Corporation will post 15.97 EPS 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.