AppLovin Corporation $APP Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of AppLovin Corporation (NASDAQ:APP) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 218,590 shares of the company’s stock after selling 13,102 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.06% of AppLovin worth $135,159,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CBIZ Investment Advisory Services LLC grew its stake in shares of AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 17 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its position in shares of AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after purchasing an additional 18 shares in the last quarter. Versant Capital Management Inc boosted its holdings in AppLovin by 2.8% during the third quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after purchasing an additional 19 shares during the last quarter. Claro Advisors LLC boosted its holdings in AppLovin by 3.2% during the third quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after purchasing an additional 20 shares during the last quarter. Finally, Optas LLC grew its position in AppLovin by 2.5% in the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after purchasing an additional 21 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Benchmark reiterated a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Arete Research set a $340.00 target price on AppLovin and gave the company a “neutral” rating in a report on Monday, March 2nd. Scotiabank increased their price target on AppLovin from $750.00 to $775.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Wedbush boosted their price objective on AppLovin from $465.00 to $640.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Finally, Piper Sandler restated an “overweight” rating and issued a $650.00 price objective (down from $800.00) on shares of AppLovin in a research note on Thursday, February 12th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $668.20.

AppLovin Trading Down 2.4%

Shares of APP stock opened at $372.08 on Tuesday. The company has a 50 day moving average of $451.84 and a 200-day moving average of $568.27. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 1.65. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The firm has a market cap of $125.50 billion, a P/E ratio of 38.16, a PEG ratio of 0.66 and a beta of 2.51.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 EPS for the quarter, beating the consensus estimate of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. AppLovin’s revenue for the quarter was up 66.0% on a year-over-year basis. Sell-side analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 40,704 shares of AppLovin stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer owned 2,430,414 shares of the company’s stock, valued at approximately $1,117,625,877.90. This trade represents a 1.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 5,231 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total value of $2,497,645.57. Following the completion of the sale, the chief technology officer owned 30,658 shares in the company, valued at $14,638,275.26. This represents a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 365,244 shares of company stock worth $169,584,607 over the last ninety days. 13.66% of the stock is currently owned by company insiders.

About AppLovin

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.