Sunbelt Securities Inc. Sells 1,838 Shares of AppLovin Corporation $APP

Sunbelt Securities Inc. trimmed its stake in AppLovin Corporation (NASDAQ:APP) by 51.2% during the first quarter, Holdings Channel reports. The fund owned 1,754 shares of the company’s stock after selling 1,838 shares during the period. Sunbelt Securities Inc.’s holdings in AppLovin were worth $698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Washington Trust Advisors Inc. lifted its stake in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new stake in AppLovin in the fourth quarter worth $27,000. Laurel Wealth Advisors LLC purchased a new stake in AppLovin in the fourth quarter worth $32,000. Osbon Capital Management LLC purchased a new stake in AppLovin in the fourth quarter worth $36,000. Finally, Dogwood Wealth Management LLC grew its stake in shares of AppLovin by 84.4% during the 4th quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock worth $40,000 after acquiring an additional 27 shares during the period. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BTIG Research reissued a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Raymond James Financial began coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective on the stock. Argus started coverage on shares of AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Finally, UBS Group lowered their price target on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $668.45.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This represents a 1.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were 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 directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 393,000 shares of company stock valued at $197,297,363 in the last three months. Insiders own 12.81% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $403.87 on Friday. The business’s fifty day moving average is $492.91 and its 200 day moving average is $472.81. The firm has a market cap of $135.68 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 0.65 and a beta of 2.49. 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 Corporation has a 52-week low of $359.00 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 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 business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the company earned $1.67 EPS. The firm’s revenue was up 58.9% compared to the same quarter last year. Research analysts predict that AppLovin Corporation will post 15.93 EPS 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.