Cresset Asset Management LLC Lowers Stock Holdings in AppLovin Corporation $APP

Cresset Asset Management LLC lessened its holdings in AppLovin Corporation (NASDAQ:APP) by 58.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 22,451 shares of the company’s stock after selling 32,047 shares during the period. Cresset Asset Management LLC’s holdings in AppLovin were worth $7,860,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. RWA Wealth Partners LLC boosted its stake in shares of AppLovin by 0.4% in the second quarter. RWA Wealth Partners LLC now owns 7,680 shares of the company’s stock worth $2,689,000 after acquiring an additional 33 shares during the period. Fortitude Family Office LLC lifted its holdings in AppLovin by 32.7% in the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock worth $48,000 after purchasing an additional 34 shares in the last quarter. GSG Advisors LLC boosted its stake in AppLovin by 0.3% in the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock worth $2,820,000 after purchasing an additional 35 shares during the period. PFG Advisors grew its holdings in AppLovin by 1.2% during the 2nd quarter. PFG Advisors now owns 3,203 shares of the company’s stock valued at $1,121,000 after buying an additional 37 shares in the last quarter. Finally, Opinicus Capital Inc. raised its position in shares of AppLovin by 5.0% during the second quarter. Opinicus Capital Inc. now owns 800 shares of the company’s stock valued at $280,000 after buying an additional 38 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Up 1.2%

Shares of NASDAQ:APP opened at $691.94 on Friday. The company has a market cap of $233.84 billion, a price-to-earnings ratio of 83.97, a PEG ratio of 3.71 and a beta of 2.51. AppLovin Corporation has a 12 month low of $200.50 and a 12 month high of $745.61. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. The company has a 50-day moving average price of $608.89 and a 200 day moving average price of $489.81.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company’s quarterly revenue was up 68.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 earnings per share. As a group, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, CFO Matthew Stumpf sold 4,884 shares of AppLovin stock in a transaction on Friday, November 21st. The shares were sold at an average price of $515.76, for a total transaction of $2,518,971.84. Following the completion of the transaction, the chief financial officer directly owned 191,161 shares of the company’s stock, valued at $98,593,197.36. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the transaction, the chief technology officer owned 3,323,681 shares in the company, valued at $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 332,577 shares of company stock worth $194,958,522 over the last three months. 13.66% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on APP shares. Oppenheimer set a $740.00 target price on shares of AppLovin in a research report on Tuesday, October 7th. Zacks Research downgraded shares of AppLovin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. BTIG Research raised their price objective on AppLovin from $693.00 to $705.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. UBS Group boosted their target price on AppLovin from $810.00 to $840.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, Royal Bank Of Canada raised their price target on AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Nineteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $679.85.

About AppLovin

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.