AppLovin Corporation $APP Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in AppLovin Corporation (NASDAQ:APP) by 6.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 989,153 shares of the company’s stock after selling 73,391 shares during the period. Bank of New York Mellon Corp owned approximately 0.29% of AppLovin worth $346,282,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hilltop National Bank acquired a new position in shares of AppLovin in the second quarter worth $26,000. SouthState Corp purchased a new position in AppLovin in the first quarter valued at $29,000. Cornerstone Planning Group LLC boosted its holdings in AppLovin by 428.0% in the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock valued at $33,000 after purchasing an additional 107 shares during the period. Hoey Investments Inc. acquired a new position in AppLovin during the 2nd quarter worth $35,000. Finally, Trust Co. of Vermont purchased a new stake in AppLovin during the 2nd quarter worth about $35,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APP has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Wall Street Zen lowered shares of AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $745.00 price objective on shares of AppLovin in a research report on Thursday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Finally, Weiss Ratings cut AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.39.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 350 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the transaction, the director owned 3,150 shares in the company, valued at $1,537,105.50. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 3.7%

NASDAQ APP opened at $608.68 on Wednesday. The firm’s fifty day moving average price is $596.21 and its 200 day moving average price is $445.26. AppLovin Corporation has a 12 month low of $160.52 and a 12 month high of $745.61. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The company has a market capitalization of $205.89 billion, a price-to-earnings ratio of 86.46, a price-to-earnings-growth ratio of 3.43 and a beta of 2.50.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin’s revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin 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.