Commonwealth Equity Services LLC Has $762,000 Stock Holdings in AppLovin Co. (NASDAQ:APP)

Commonwealth Equity Services LLC cut its position in shares of AppLovin Co. (NASDAQ:APP) by 86.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,152 shares of the company’s stock after selling 59,338 shares during the period. Commonwealth Equity Services LLC’s holdings in AppLovin were worth $762,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. FinTrust Capital Advisors LLC acquired a new position in AppLovin in the 4th quarter valued at about $32,000. Covestor Ltd grew its position in shares of AppLovin by 85.8% during the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after purchasing an additional 236 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $37,000. Atlas Capital Advisors LLC acquired a new position in shares of AppLovin during the 1st quarter worth approximately $38,000. Finally, Summit Securities Group LLC acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $42,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of analyst reports. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $100.00 to $145.00 in a research report on Tuesday. BTIG Research increased their target price on shares of AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Wedbush decreased their target price on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Finally, Jefferies Financial Group upped their price target on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.71.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at approximately $20,262,490.54. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Matthew Stumpf sold 60,615 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The disclosure for this sale can be found here. Insiders sold a total of 775,934 shares of company stock valued at $65,805,022 in the last quarter. Insiders own 14.69% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $123.16 on Thursday. The company has a market cap of $40.52 billion, a price-to-earnings ratio of 73.31, a PEG ratio of 1.41 and a beta of 1.88. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a 50 day simple moving average of $86.26 and a 200 day simple moving average of $79.52. AppLovin Co. has a one year low of $34.45 and a one year high of $125.75.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm’s revenue was up 44.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.22 EPS. Research analysts predict that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

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.