Bank of New York Mellon Corp Decreases Stock Holdings in AppLovin Corporation $APP

Bank of New York Mellon Corp lowered its stake in shares of AppLovin Corporation (NASDAQ:APP) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,358,573 shares of the company’s stock after selling 49,731 shares during the quarter. Bank of New York Mellon Corp owned about 0.40% of AppLovin worth $540,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Redhawk Wealth Advisors Inc. lifted its position in shares of AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after buying an additional 18 shares during the last quarter. Verdence Capital Advisors LLC grew its position in shares of AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after buying an additional 18 shares during the last quarter. Finivi Inc. raised its stake in shares of AppLovin by 3.2% during the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after acquiring an additional 22 shares in the last quarter. Alta Wealth Advisors LLC raised its stake in shares of AppLovin by 0.6% during the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock worth $2,645,000 after acquiring an additional 24 shares in the last quarter. Finally, Washington Trust Advisors Inc. lifted its position in 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 acquiring an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 4.0%

NASDAQ:APP opened at $434.48 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a twelve month low of $343.00 and a twelve month high of $745.61. The company has a market cap of $145.96 billion, a PE ratio of 37.33, a P/E/G ratio of 0.74 and a beta of 2.49. The company’s 50 day moving average is $506.89 and its two-hundred day moving average is $489.64.

AppLovin (NASDAQ:APP) last posted 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. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the company posted $1.67 earnings per share. The business’s quarterly revenue was up 58.9% on a year-over-year basis. Analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current year.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction dated 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 sale, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the completion of the transaction, the chief technology officer directly owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This represents a 1.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 over the last three months. Corporate insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on APP. Wells Fargo & Company lifted their price target on shares of AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. KeyCorp set a $775.00 price objective on AppLovin in a report on Wednesday, June 10th. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Wedbush reissued an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their target price on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $668.45.

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.