Edgestream Partners L.P. Sells 2,797 Shares of AppLovin Corporation $APP

Edgestream Partners L.P. decreased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 45.6% during the first quarter, Holdings Channel reports. The firm owned 3,334 shares of the company’s stock after selling 2,797 shares during the quarter. Edgestream Partners L.P.’s holdings in AppLovin were worth $1,327,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Oddo BHF Asset Management Sas boosted its holdings in shares of AppLovin by 49.5% in the first quarter. Oddo BHF Asset Management Sas now owns 12,080 shares of the company’s stock worth $4,808,000 after buying an additional 3,999 shares during the last quarter. Arkadios Wealth Advisors grew its position in shares of AppLovin by 674.7% during the first quarter. Arkadios Wealth Advisors now owns 11,117 shares of the company’s stock worth $4,424,000 after purchasing an additional 9,682 shares in the last quarter. South Dakota Investment Council purchased a new stake in AppLovin during the 1st quarter valued at approximately $1,003,000. Altshuler Shaham Ltd increased its holdings in AppLovin by 11,487.5% in the 1st quarter. Altshuler Shaham Ltd now owns 127,810 shares of the company’s stock valued at $50,868,000 after acquiring an additional 126,707 shares during the last quarter. Finally, Smith Group Asset Management LLC increased its holdings in shares of AppLovin by 7.8% in the first quarter. Smith Group Asset Management LLC now owns 99,195 shares of the company’s stock worth $39,480,000 after purchasing an additional 7,156 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APP has been the topic of a number of recent research reports. Raymond James Financial started coverage on shares of AppLovin in a research note on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target on the stock. Weiss Ratings lowered shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a research note on Tuesday, July 7th. UBS Group increased their target price on shares of AppLovin from $750.00 to $798.00 and gave the stock a “buy” rating in a report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $672.18.

Insider Buying and Selling at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 393,000 shares of company stock worth $197,297,363. Insiders own 12.81% of the company’s stock.

AppLovin Price Performance

NASDAQ APP opened at $406.16 on Tuesday. The stock’s fifty day moving average price is $489.68 and its 200 day moving average price is $469.11. 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 company has a market cap of $136.45 billion, a price-to-earnings ratio of 34.89, a PEG ratio of 0.65 and a beta of 2.54. AppLovin Corporation has a 1 year low of $359.00 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business posted $1.67 earnings per share. The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. As a group, equities research analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current year.

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.