Epoch Investment Partners Inc. Sells 42,428 Shares of AppLovin Corporation $APP

Epoch Investment Partners Inc. cut its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 31.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 94,379 shares of the company’s stock after selling 42,428 shares during the period. Epoch Investment Partners Inc.’s holdings in AppLovin were worth $63,594,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC bought a new stake in AppLovin during the 4th quarter worth about $294,000. Bison Wealth LLC bought a new stake in AppLovin during the 4th quarter worth about $239,000. Integrated Wealth Concepts LLC increased its stake in shares of AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after purchasing an additional 9,380 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the transaction, the director owned 6,969,382 shares in the company, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This trade represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 389,924 shares of company stock worth $187,404,946 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on APP shares. KeyCorp set a $775.00 price objective on shares of AppLovin in a research note on Wednesday. Wedbush restated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Morgan Stanley restated an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $669.62.

Key Headlines Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

AppLovin Stock Up 3.8%

Shares of APP opened at $496.77 on Friday. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The firm has a market cap of $166.88 billion, a P/E ratio of 42.68, a price-to-earnings-growth ratio of 0.81 and a beta of 2.45. The firm’s 50-day simple moving average is $482.88 and its 200 day simple moving average is $520.84. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the business earned $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. On average, analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current year.

AppLovin Profile

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.