Allspring Global Investments Holdings LLC Lowers Stock Position in AppLovin Corporation $APP

Allspring Global Investments Holdings LLC decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 16.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 182,002 shares of the company’s stock after selling 36,588 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.05% of AppLovin worth $70,588,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in AppLovin by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after buying an additional 166,117 shares during the period. State Street Corp increased its position in shares of AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after buying an additional 52,377 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of AppLovin by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after buying an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of AppLovin by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after buying an additional 212,349 shares during the last quarter. Finally, Morgan Stanley boosted its position in shares of AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after buying an additional 538,806 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Down 2.3%

NASDAQ APP opened at $424.54 on Friday. The firm has a market capitalization of $142.62 billion, a PE ratio of 36.47, a price-to-earnings-growth ratio of 0.71 and a beta of 2.49. The company has a 50-day simple moving average of $506.01 and a 200-day simple moving average of $489.19. AppLovin Corporation has a one year low of $343.00 and a one year high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the business posted $1.67 EPS. The business’s revenue was up 58.9% on a year-over-year basis. On average, equities analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 33,042 shares of the 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 completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 393,000 shares of company stock valued at $197,297,363 in the last three months. Insiders own 13.66% of the company’s stock.

Wall Street Analyst Weigh In

APP has been the subject of several research reports. Raymond James Financial assumed coverage on AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective for the company. UBS Group dropped their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Weiss Ratings raised shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Argus began coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $668.45.

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.