Drive Wealth Management LLC Sells 47 Shares of AppLovin Corporation $APP

Drive Wealth Management LLC lowered its stake in AppLovin Corporation (NASDAQ:APP) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,067 shares of the company’s stock after selling 47 shares during the quarter. Drive Wealth Management LLC’s holdings in AppLovin were worth $374,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of APP. Dynasty Wealth Management LLC boosted its holdings in AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock valued at $716,133,000 after acquiring an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD raised its stake in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after buying an additional 1,769,400 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after buying an additional 1,185,859 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in AppLovin by 86.5% in the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company’s stock valued at $632,478,000 after acquiring an additional 1,107,104 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on APP shares. Morgan Stanley upped their price target on shares of AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Weiss Ratings restated a “buy (b-)” rating on shares of AppLovin in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Benchmark upped their price objective on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Finally, Phillip Securities raised AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $600.59.

Insider Activity

In related news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the transaction, the director directly owned 3,150 shares of the company’s stock, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last quarter. Insiders own 13.66% of the company’s stock.

AppLovin Trading Down 5.6%

NASDAQ APP opened at $565.94 on Tuesday. AppLovin Corporation has a 52 week low of $148.01 and a 52 week high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market capitalization of $191.43 billion, a PE ratio of 80.39, a price-to-earnings-growth ratio of 3.25 and a beta of 2.53. The firm has a 50 day moving average of $558.26 and a two-hundred day moving average of $415.77.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company’s revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 EPS. As a group, research analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Company Profile

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.