Geneos Wealth Management Inc. Lowers Holdings in AppLovin Corporation $APP

Geneos Wealth Management Inc. trimmed its position in AppLovin Corporation (NASDAQ:APP) by 34.0% in the 3rd quarter, Holdings Channel reports. The firm owned 2,924 shares of the company’s stock after selling 1,507 shares during the quarter. Geneos Wealth Management Inc.’s holdings in AppLovin were worth $2,101,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in AppLovin during the second quarter valued at $951,541,000. National Pension Service raised its holdings in shares of AppLovin by 82.2% in the 2nd quarter. National Pension Service now owns 790,271 shares of the company’s stock valued at $276,658,000 after acquiring an additional 356,443 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of AppLovin by 235.5% during the 3rd quarter. Voya Investment Management LLC now owns 496,560 shares of the company’s stock valued at $356,800,000 after acquiring an additional 348,548 shares during the last quarter. Strs Ohio purchased a new position in shares of AppLovin during the first quarter worth about $86,173,000. Finally, Canada Pension Plan Investment Board increased its position in shares of AppLovin by 204.8% in the second quarter. Canada Pension Plan Investment Board now owns 425,622 shares of the company’s stock worth $149,002,000 after purchasing an additional 285,970 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, insider Victoria Valenzuela sold 7,609 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the completion of the transaction, the insider directly owned 277,110 shares of the company’s stock, valued at approximately $182,097,294.30. This represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the sale, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at approximately $1,812,669,143.78. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 340,336 shares of company stock valued at $200,062,623. 13.66% of the stock is owned by corporate insiders.

AppLovin Trading Up 2.5%

NASDAQ APP opened at $632.92 on Thursday. The firm has a market cap of $213.90 billion, a PE ratio of 76.81, a price-to-earnings-growth ratio of 2.04 and a beta of 2.50. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The stock has a 50-day moving average of $638.87 and a 200-day moving average of $539.86. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The business’s quarterly revenue was up 68.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.29 EPS. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. BTIG Research reissued a “buy” rating and issued a $771.00 price target on shares of AppLovin in a report on Wednesday, December 17th. Benchmark raised their price target on AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Deutsche Bank Aktiengesellschaft set a $705.00 price target on AppLovin and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Citigroup reduced their price objective on AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. Finally, Wedbush boosted their target price on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $695.90.

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.