Cyndeo Wealth Partners LLC Decreases Stake in AppLovin Corporation $APP

Cyndeo Wealth Partners LLC reduced its stake in shares of AppLovin Corporation (NASDAQ:APP) by 4.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,104 shares of the company’s stock after selling 148 shares during the period. Cyndeo Wealth Partners LLC’s holdings in AppLovin were worth $1,087,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Invesco Ltd. boosted its position in shares of AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after purchasing an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp boosted its position in shares of AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock worth $762,849,000 after buying an additional 328,000 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the sale, the director directly owned 181,929 shares in the company, valued at approximately $78,682,473.21. The trade was a 52.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last ninety days. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 5.1%

Shares of APP stock opened at $569.89 on Friday. The firm has a 50-day moving average price of $537.64 and a 200 day moving average price of $400.57. AppLovin Corporation has a twelve month low of $139.40 and a twelve month high of $745.61. The company has a market capitalization of $192.77 billion, a price-to-earnings ratio of 80.95, a PEG ratio of 3.26 and a beta of 2.53. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

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

Analyst Ratings Changes

APP has been the topic of several recent research reports. Wedbush boosted their price objective on shares of AppLovin from $725.00 to $745.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. UBS Group boosted their price objective on shares of AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a research report on Friday, September 26th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Wells Fargo & Company set a $860.00 price objective on shares of AppLovin in a research report on Wednesday. Finally, Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $597.38.

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.