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

Sunbelt Securities Inc. lessened its position in AppLovin Corporation (NASDAQ:APP) by 51.2% in the first quarter, according to its most recent disclosure with the SEC. The firm 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 SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in shares of AppLovin by 3.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $347,000 after purchasing an additional 30 shares in the last quarter. Talon Private Wealth LLC bought a new stake in AppLovin during the 1st quarter valued at $548,000. Excelsior Advisor Network LLC bought a new stake in AppLovin during the 1st quarter valued at $231,000. Quantinno Capital Management LP raised its holdings in AppLovin by 13.4% during the first quarter. Quantinno Capital Management LP now owns 251,891 shares of the company’s stock worth $100,253,000 after buying an additional 29,743 shares during the last quarter. Finally, Weiss Asset Management LP grew its holdings in shares of AppLovin by 317.6% during the first quarter. Weiss Asset Management LP now owns 2,280 shares of the company’s stock valued at $907,000 after buying an additional 1,734 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the sale, the chief executive officer directly owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total value of $30,423,513.68. Following the completion of the transaction, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This represents a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 over the last quarter. Corporate insiders own 12.81% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Argus began coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price for the company. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Raymond James Financial began coverage on AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective for the company. BTIG Research reissued a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $700.00 target price on shares of AppLovin in a report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Stock Up 1.1%

APP opened at $403.87 on Friday. AppLovin Corporation has a fifty-two week low of $359.00 and a fifty-two week high of $745.61. The firm has a market capitalization of $135.68 billion, a P/E ratio of 34.70, a PEG ratio of 0.65 and a beta of 2.49. The company’s 50-day moving average is $492.91 and its 200 day moving average is $472.81. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the firm posted $1.67 EPS. The firm’s quarterly revenue was up 58.9% compared to the same quarter last year. Research analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

AppLovin Company 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.