Axxcess Wealth Management LLC Sells 6,263 Shares of AppLovin Corporation $APP

Axxcess Wealth Management LLC reduced its stake in AppLovin Corporation (NASDAQ:APP) by 74.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,101 shares of the company’s stock after selling 6,263 shares during the period. Axxcess Wealth Management LLC’s holdings in AppLovin were worth $836,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after acquiring an additional 166,117 shares during the last quarter. State Street Corp increased its stake in AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after acquiring an additional 52,377 shares during the last quarter. Geode Capital Management LLC raised its position in AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after purchasing an additional 448,005 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after purchasing an additional 212,349 shares during the period. Finally, Morgan Stanley increased its position in shares of AppLovin by 10.7% during the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after purchasing an additional 538,806 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of APP opened at $520.43 on Friday. The company’s fifty day moving average price is $507.88 and its 200-day moving average price is $499.10. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market capitalization of $174.83 billion, a PE ratio of 44.71, a price-to-earnings-growth ratio of 0.85 and a beta of 2.49. AppLovin Corporation has a 1-year low of $332.32 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating 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 net margin of 64.29% and a return on equity of 219.37%. The firm’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 15.93 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on APP shares. Needham & Company LLC restated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Citigroup reiterated a “buy” rating on shares of AppLovin in a research report on Monday, June 22nd. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Argus started coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 price objective on shares of AppLovin 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 issued a Hold rating to the company’s stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $668.45.

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 393,000 shares of company stock worth $197,297,363. Corporate insiders own 13.66% of the company’s stock.

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.