Envestnet Asset Management Inc. Sells 128,779 Shares of AppLovin Co. (NASDAQ:APP)

Envestnet Asset Management Inc. reduced its position in AppLovin Co. (NASDAQ:APP) by 18.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 579,497 shares of the company’s stock after selling 128,779 shares during the period. Envestnet Asset Management Inc. owned 0.17% of AppLovin worth $187,659,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JFS Wealth Advisors LLC raised its stake in AppLovin by 38.2% in the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after buying an additional 29 shares during the last quarter. HighPoint Advisor Group LLC raised its position in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after purchasing an additional 31 shares during the last quarter. Truvestments Capital LLC boosted its stake in AppLovin by 0.7% in the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock worth $1,696,000 after purchasing an additional 38 shares in the last quarter. National Bank of Canada FI grew its position in AppLovin by 4.0% during the 3rd quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock worth $131,000 after purchasing an additional 39 shares during the last quarter. Finally, Hemington Wealth Management increased its stake in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the transaction, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock valued at $106,401,841 over the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on APP shares. Piper Sandler boosted their price objective on shares of AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Wells Fargo & Company set a $538.00 price target on AppLovin and gave the company an “overweight” rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. raised their price objective on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Arete Research set a $200.00 target price on AppLovin in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group raised their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $435.47.

AppLovin Stock Down 16.3 %

Shares of NASDAQ APP opened at $219.37 on Monday. The firm has a market cap of $74.58 billion, a price-to-earnings ratio of 48.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company’s 50-day simple moving average is $342.89 and its 200-day simple moving average is $289.58. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Equities analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.