Allspring Global Investments Holdings LLC Sells 36,588 Shares of AppLovin Corporation $APP

Allspring Global Investments Holdings LLC reduced its stake in shares of AppLovin Corporation (NASDAQ:APP) by 16.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 182,002 shares of the company’s stock after selling 36,588 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AppLovin were worth $70,588,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Redhawk Wealth Advisors Inc. raised its stake in shares of AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after purchasing an additional 18 shares in the last quarter. Verdence Capital Advisors LLC increased its position in shares of AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after purchasing an additional 18 shares in the last quarter. Finivi Inc. raised its stake in shares of AppLovin by 3.2% in the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock valued at $479,000 after acquiring an additional 22 shares during the last quarter. Alta Wealth Advisors LLC raised its stake in shares of AppLovin by 0.6% in the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock valued at $2,645,000 after acquiring an additional 24 shares during the last quarter. Finally, Washington Trust Advisors Inc. boosted its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 393,000 shares of company stock valued at $197,297,363 in the last ninety days. 13.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Weiss Ratings upgraded shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Raymond James Financial started coverage on shares of AppLovin in a research note on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target for the company. Finally, KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Stock Performance

NASDAQ APP opened at $424.54 on Friday. The stock has a market cap of $142.62 billion, a PE ratio of 36.47, a P/E/G ratio of 0.71 and a beta of 2.49. 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 firm has a 50-day moving average of $506.01 and a 200-day moving average of $489.19. AppLovin Corporation has a 52-week low of $343.00 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.67 EPS. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current year.

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.