AppLovin Corporation $APP Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. decreased its position in shares of AppLovin Corporation (NASDAQ:APP) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,286 shares of the company’s stock after selling 1,651 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AppLovin were worth $5,701,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of AppLovin by 7.3% during the first 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 during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of AppLovin by 36.7% during the first 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 during the last quarter. Baillie Gifford & Co. grew its holdings in shares of AppLovin by 29.0% during the first 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 during the last quarter. Invesco Ltd. grew its holdings in shares of AppLovin by 32.9% during the first 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 during the last quarter. Finally, Kensico Capital Management Corp grew its holdings in shares of AppLovin by 12.9% during the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock worth $762,849,000 after purchasing an additional 328,000 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on APP. Royal Bank Of Canada began coverage on AppLovin in a report on Monday. They set an “outperform” rating and a $700.00 price objective on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $630.00 price objective on shares of AppLovin in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. BTIG Research lifted their price objective on shares of AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Finally, Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $600.59.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,012 shares of AppLovin stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $438.22, for a total value of $7,454,998.64. Following the sale, the chief technology officer owned 53,389 shares of the company’s stock, valued at $23,396,127.58. The trade was a 24.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 4,874 shares of AppLovin stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $416.18, for a total transaction of $2,028,461.32. Following the completion of the sale, the chief financial officer directly owned 181,657 shares in the company, valued at approximately $75,602,010.26. The trade was a 2.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Corporate insiders own 13.66% of the company’s stock.

AppLovin Stock Down 0.0%

Shares of NASDAQ:APP opened at $590.03 on Wednesday. The company has a market cap of $199.58 billion, a price-to-earnings ratio of 83.81, a PEG ratio of 3.20 and a beta of 2.53. The firm’s 50-day simple moving average is $545.78 and its 200-day simple moving average is $405.56. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a fifty-two week low of $139.40 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last issued 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. The business had revenue of $1.26 billion for 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%. The business’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 earnings per share. As a group, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current 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.