AppLovin Corporation $APP Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. lowered its stake in AppLovin Corporation (NASDAQ:APP) by 93.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 780 shares of the company’s stock after selling 11,080 shares during the period. Patton Fund Management Inc.’s holdings in AppLovin were worth $310,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in APP. Redhawk Wealth Advisors Inc. raised its stake in AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after acquiring an additional 18 shares during the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of AppLovin by 5.7% in the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after purchasing an additional 18 shares during the period. Claro Advisors LLC raised its stake in shares of AppLovin by 3.2% in the third quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after purchasing an additional 20 shares during the last quarter. Strategic Advocates LLC raised its stake in shares of AppLovin by 0.8% in the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock worth $1,851,000 after purchasing an additional 21 shares during the last quarter. Finally, Finivi Inc. lifted its holdings in shares of AppLovin by 3.2% during the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after purchasing an additional 22 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

NASDAQ:APP opened at $498.76 on Tuesday. 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 company has a 50 day moving average price of $497.65 and a 200-day moving average price of $508.03. AppLovin Corporation has a 1-year low of $325.58 and a 1-year high of $745.61. The firm has a market cap of $167.55 billion, a price-to-earnings ratio of 42.85, a price-to-earnings-growth ratio of 0.77 and a beta of 2.45.

AppLovin (NASDAQ:APP) last announced 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. The firm 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%. The firm’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.67 earnings per share. Equities research analysts forecast that AppLovin Corporation will post 15.97 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their position. The transaction 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 AppLovin stock in a transaction dated 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 owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 389,924 shares of company stock valued at $195,693,875. Insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

APP has been the topic of a number of recent research reports. Raymond James Financial started coverage on AppLovin in a research report on Monday. They issued a “strong-buy” rating and a $640.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. Arete Research set a $340.00 price target on AppLovin and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a research note on Tuesday, June 9th. Finally, Wells Fargo & Company boosted their price objective on AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $668.27.

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.