AppLovin Corporation $APP Shares Sold by Westpac Banking Corp

Westpac Banking Corp reduced its stake in AppLovin Corporation (NASDAQ:APP) by 56.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 4,035 shares of the company’s stock after selling 5,318 shares during the period. Westpac Banking Corp’s holdings in AppLovin were worth $1,606,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of AppLovin by 3,118.6% in the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after buying an additional 4,063,763 shares during the last quarter. Norges Bank acquired a new stake in AppLovin during the 4th quarter worth $2,040,321,000. Northern Trust Corp raised its stake in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after acquiring an additional 756,660 shares in the last quarter. Finally, Amundi lifted its position in AppLovin by 81.3% in the fourth quarter. Amundi now owns 1,426,896 shares of the company’s stock valued at $961,471,000 after acquiring an additional 639,836 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $412.48 on Thursday. The company has a 50-day simple moving average of $502.88 and a 200-day simple moving average of $482.25. AppLovin Corporation has a one year low of $349.21 and a one year 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. The stock has a market capitalization of $138.57 billion, a price-to-earnings ratio of 35.44, a PEG ratio of 0.70 and a beta of 2.49.

AppLovin (NASDAQ:APP) last released 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 analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s revenue was up 58.9% on a year-over-year basis. During the same quarter last year, the company posted $1.67 earnings per share. On average, analysts predict that AppLovin Corporation will post 15.93 EPS for the current year.

Analysts Set New Price Targets

APP has been the subject of several research analyst reports. Benchmark restated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. BTIG Research reiterated a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. UBS Group reduced their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Monday, June 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Two 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $668.45.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction that occurred on 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 transaction, the chief executive officer owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This trade represents a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 393,000 shares of company stock worth $197,297,363 over the last quarter. 12.81% of the stock is owned by insiders.

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.