Flputnam Investment Management Co. Lowers Stock Holdings in AppLovin Corporation $APP

Flputnam Investment Management Co. trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 1.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 82,063 shares of the company’s stock after selling 1,428 shares during the period. AppLovin makes up approximately 0.8% of Flputnam Investment Management Co.’s holdings, making the stock its 25th largest position. Flputnam Investment Management Co.’s holdings in AppLovin were worth $55,296,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Washington Trust Advisors Inc. lifted its holdings in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Chilton Capital Management LLC purchased a new position in shares of AppLovin during the third quarter valued at approximately $29,000. Board of the Pension Protection Fund purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $27,000. Activest Wealth Management lifted its holdings in shares of AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock valued at $31,000 after purchasing an additional 38 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC lifted its holdings in shares of AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 17 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of NASDAQ APP opened at $514.24 on Wednesday. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The firm has a market cap of $172.75 billion, a P/E ratio of 44.18, a PEG ratio of 0.78 and a beta of 2.37. The company has a 50 day moving average of $448.06 and a 200 day moving average of $521.57. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data 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. 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 analyst estimates of $1.77 billion. During the same period in the previous year, the business earned $1.67 EPS. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. As a group, research analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares of the company’s stock, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 365,244 shares of company stock worth $169,584,607 in the last three months. Insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on APP shares. Oppenheimer lowered their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Wells Fargo & Company lifted their target price on shares of AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Piper Sandler lifted their target price on shares of AppLovin from $650.00 to $665.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Jefferies Financial Group lowered their target price on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Finally, Arete Research set a $340.00 target price on shares of AppLovin and gave the company a “neutral” rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $664.35.

About AppLovin

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.