Wellington Management Group LLP Cuts Stock Position in AppLovin Corporation $APP

Wellington Management Group LLP decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 77.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 245,730 shares of the company’s stock after selling 847,328 shares during the quarter. Wellington Management Group LLP owned about 0.07% of AppLovin worth $126,607,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Archer Investment Corp purchased a new stake in shares of AppLovin in the second quarter worth about $42,000. Public Employees Retirement System of Ohio acquired a new stake in AppLovin in the second quarter valued at approximately $47,526,000. Ancora Advisors LLC purchased a new stake in shares of AppLovin during the second quarter valued at approximately $169,000. Kelly Lawrence W & Associates Inc. CA acquired a new position in shares of AppLovin during the second quarter worth $11,669,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of AppLovin in the second quarter valued at $483,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares in the company, valued at $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. Over the last three months, insiders sold 294,228 shares of company stock worth $148,403,985. Insiders own 12.81% of the company’s stock.

AppLovin Stock Performance

Shares of APP opened at $311.74 on Wednesday. The stock has a market capitalization of $104.32 billion, a PE ratio of 23.96, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49. The business’s fifty day moving average price is $403.28 and its 200 day moving average price is $442.00. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. AppLovin Corporation has a 12-month low of $297.50 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP) last issued its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the company earned $2.39 earnings per share. The firm’s revenue was up 52.8% compared to the same quarter last year. Equities research analysts forecast that AppLovin Corporation will post 15.53 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler cut their price objective on shares of AppLovin from $385.00 to $325.00 and set a “neutral” rating on the stock in a report on Friday, August 21st. Citigroup dropped their target price on AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Weiss Ratings raised AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. The Goldman Sachs Group lowered their price objective on AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Finally, Wedbush dropped their price objective on AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $538.61.

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.