Assetmark Inc. Reduces Holdings in AppLovin Corporation $APP

Assetmark Inc. decreased its position in shares of AppLovin Corporation (NASDAQ:APP) by 35.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,792 shares of the company’s stock after selling 8,693 shares during the period. Assetmark Inc.’s holdings in AppLovin were worth $6,285,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Generate Investment Management Ltd acquired a new stake in shares of AppLovin in the fourth quarter valued at about $2,347,000. Calamos Advisors LLC raised its holdings in shares of AppLovin by 73.3% in the fourth quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock worth $32,840,000 after acquiring an additional 20,609 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new position in AppLovin in the 4th quarter valued at about $4,043,000. Overbrook Management Corp purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $10,179,000. Finally, SG Americas Securities LLC lifted its stake in shares of AppLovin by 114.7% during the 4th quarter. SG Americas Securities LLC now owns 77,158 shares of the company’s stock worth $51,991,000 after purchasing an additional 41,215 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Up 1.0%

APP stock opened at $428.69 on Wednesday. The firm’s 50-day simple moving average is $503.70 and its 200 day simple moving average is $484.09. The stock has a market cap of $144.01 billion, a PE ratio of 36.83, a price-to-earnings-growth ratio of 0.69 and a beta of 2.49. 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 Corporation has a fifty-two week low of $343.00 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data 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 return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the company posted $1.67 EPS. The business’s revenue for the quarter was up 58.9% compared to the same quarter last year. As a group, sell-side analysts predict that AppLovin Corporation will post 15.93 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were 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 $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction 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 transaction, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

APP has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. KeyCorp set a $775.00 price target on shares of AppLovin in a research note on Wednesday, June 10th. Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a research note on Tuesday, July 7th. Finally, Benchmark reiterated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Company 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.