AppLovin Corporation $APP Stock Position Decreased by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC lowered its stake in AppLovin Corporation (NASDAQ:APP) by 77.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,683 shares of the company’s stock after selling 25,743 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in AppLovin were worth $5,177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of APP. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin in the 4th quarter valued at approximately $27,000. Washington Trust Advisors Inc. boosted its stake in 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 purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. purchased a new position in AppLovin during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC purchased a new position in AppLovin during the 4th quarter worth approximately $32,000. Finally, Graney & King LLC acquired a new stake in AppLovin during the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction that occurred on 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 directly owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This trade represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 in the last ninety days. 13.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler restated an “overweight” rating on shares of AppLovin in a report on Tuesday, June 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $660.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Argus began coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price objective for the company. Wells Fargo & Company raised their price objective on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lifted their target price on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. One research 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $669.62.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $469.71 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The business’s 50-day moving average price is $492.23 and its two-hundred day moving average price is $517.80. The company has a market capitalization of $157.79 billion, a P/E ratio of 40.35, a price-to-earnings-growth ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results 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. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period last year, the business earned $1.67 EPS. Analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

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.