Raymond James & Associates Cuts Stock Position in AppLovin Co. (NASDAQ:APP)

Raymond James & Associates lessened its holdings in shares of AppLovin Co. (NASDAQ:APP) by 29.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,083,866 shares of the company’s stock after selling 461,971 shares during the quarter. Raymond James & Associates owned about 0.33% of AppLovin worth $90,199,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. FinTrust Capital Advisors LLC acquired a new stake in AppLovin in the fourth quarter valued at $32,000. Covestor Ltd boosted its holdings in AppLovin by 85.8% in the first quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after purchasing an additional 236 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in AppLovin in the second quarter valued at approximately $37,000. Atlas Capital Advisors LLC purchased a new stake in shares of AppLovin in the first quarter valued at about $38,000. Finally, ORG Partners LLC boosted its stake in shares of AppLovin by 212.0% during the first quarter. ORG Partners LLC now owns 624 shares of the company’s stock worth $43,000 after buying an additional 424 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 118,839 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $90.75, for a total value of $10,784,639.25. Following the transaction, the director now directly owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Eduardo Vivas sold 118,839 shares of AppLovin stock in a transaction on Friday, July 5th. The shares were sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the transaction, the director now owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the sale, the chief financial officer now directly owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The disclosure for this sale can be found here. Insiders sold a total of 409,350 shares of company stock worth $34,147,941 in the last ninety days. Insiders own 14.69% of the company’s stock.

AppLovin Trading Up 0.9 %

APP stock traded up $0.77 during midday trading on Friday, hitting $86.35. The stock had a trading volume of 2,782,248 shares, compared to its average volume of 4,147,177. AppLovin Co. has a 12-month low of $34.45 and a 12-month high of $91.91. The firm has a market cap of $28.41 billion, a PE ratio of 51.40, a price-to-earnings-growth ratio of 1.27 and a beta of 1.86. The company’s 50-day moving average price is $79.95 and its 200 day moving average price is $72.65. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company earned $0.22 EPS. The firm’s quarterly revenue was up 44.0% on a year-over-year basis. On average, equities research analysts predict that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Thursday, May 9th. Oppenheimer reissued an “outperform” rating and set a $105.00 price target (up from $97.00) on shares of AppLovin in a report on Thursday, August 8th. BTIG Research lifted their price objective on AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Stifel Nicolaus increased their target price on AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Finally, The Goldman Sachs Group raised their price target on AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.94.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.