AppLovin Co. (NASDAQ:APP) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lowered its position in shares of AppLovin Co. (NASDAQ:APP) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,564 shares of the company’s stock after selling 2,308 shares during the quarter. Ritholtz Wealth Management’s holdings in AppLovin were worth $4,654,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. FMR LLC increased its holdings in shares of AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $1,781,922,000. Geode Capital Management LLC increased its holdings in shares of AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock valued at $1,462,144,000 after purchasing an additional 573,310 shares during the last quarter. Baillie Gifford & Co. increased its holdings in shares of AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 9,714 shares of AppLovin stock in a transaction on Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the transaction, the chief financial officer now directly owns 192,421 shares in the company, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of AppLovin stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the completion of the transaction, the director now owns 9,510 shares of the company’s stock, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 4.2%

APP opened at $364.49 on Friday. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The business has a fifty day simple moving average of $324.29 and a 200-day simple moving average of $334.18. The firm has a market cap of $123.34 billion, a P/E ratio of 80.28, a P/E/G ratio of 3.02 and a beta of 2.53. 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 (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the business posted $0.67 earnings per share. The company’s quarterly revenue was up 40.3% on a year-over-year basis. On average, equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.

Analyst Ratings Changes

APP has been the subject of several recent research reports. FBN Securities initiated coverage on AppLovin in a report on Friday, March 28th. They issued an “outperform” rating and a $385.00 price target for the company. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a report on Thursday, May 29th. Morgan Stanley increased their price target on AppLovin from $420.00 to $460.00 and gave the company an “overweight” rating in a report on Monday, June 9th. The Goldman Sachs Group increased their price target on AppLovin from $335.00 to $435.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Finally, Arete Research set a $200.00 target price on AppLovin in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $438.10.

AppLovin Company Profile

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.