Axxcess Wealth Management LLC Decreases Stake in AppLovin Corporation $APP

Axxcess Wealth Management LLC lowered its position in AppLovin Corporation (NASDAQ:APP) by 74.9% during the first quarter, HoldingsChannel.com reports. The fund owned 2,101 shares of the company’s stock after selling 6,263 shares during the quarter. Axxcess Wealth Management LLC’s holdings in AppLovin were worth $836,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Swedbank AB boosted its stake in shares of AppLovin by 0.5% during the 1st quarter. Swedbank AB now owns 192,596 shares of the company’s stock worth $76,653,000 after purchasing an additional 1,049 shares during the last quarter. Ascentis Independent Advisors increased its holdings in AppLovin by 143.0% in the 1st quarter. Ascentis Independent Advisors now owns 1,390 shares of the company’s stock valued at $553,000 after purchasing an additional 818 shares in the last quarter. Seascape Capital Management grew its stake in shares of AppLovin by 0.4% in the first quarter. Seascape Capital Management now owns 13,067 shares of the company’s stock valued at $5,201,000 after buying an additional 54 shares in the last quarter. Astoria Portfolio Advisors LLC. raised its stake in shares of AppLovin by 3.7% during the first quarter. Astoria Portfolio Advisors LLC. now owns 1,616 shares of the company’s stock valued at $643,000 after purchasing an additional 58 shares during the period. Finally, FUKOKU MUTUAL LIFE INSURANCE Co lifted its holdings in AppLovin by 4.2% in the 1st quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 789 shares of the company’s stock worth $314,000 after buying an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Weiss Ratings raised shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Wells Fargo & Company lifted their price objective on shares of AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Two investment analysts have 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Stock Performance

NASDAQ APP opened at $520.43 on Friday. AppLovin Corporation has a 1-year low of $332.32 and a 1-year high of $745.61. The company has a 50 day moving average of $507.88 and a 200-day moving average of $499.10. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market cap of $174.83 billion, a price-to-earnings ratio of 44.71, a PEG ratio of 0.85 and a beta of 2.49.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during 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 company’s revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. On average, equities analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Insider Activity at AppLovin

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 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the completion of the sale, the chief executive officer directly owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This represents a 0.96% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 393,000 shares of company stock worth $197,297,363. 13.66% of the stock is owned by company insiders.

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.