Raymond James & Associates Sells 461,971 Shares of AppLovin Co. (NASDAQ:APP)

Raymond James & Associates cut its holdings in shares of AppLovin Co. (NASDAQ:APP) by 29.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,083,866 shares of the company’s stock after selling 461,971 shares during the quarter. Raymond James & Associates’ holdings in AppLovin were worth $90,199,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. WCM Investment Management LLC acquired a new stake in AppLovin during the first quarter worth about $497,488,000. Sapient Capital LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $165,057,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin during the first quarter valued at approximately $195,129,000. Jericho Capital Asset Management L.P. lifted its position in AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the period. Finally, Norges Bank bought a new position in AppLovin in the fourth quarter worth $43,973,000. 41.85% of the stock is owned by institutional investors.

AppLovin Price Performance

Shares of APP stock traded up $0.77 during trading hours on Friday, hitting $86.35. 2,782,248 shares of the company’s stock were exchanged, compared to its average volume of 4,147,177. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $91.91. The stock has a market cap of $28.41 billion, a price-to-earnings ratio of 51.40, a price-to-earnings-growth ratio of 1.27 and a beta of 1.86. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11. The stock’s 50-day moving average is $79.95 and its 200-day moving average is $72.65.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on APP shares. Stifel Nicolaus boosted their price target on shares of AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Citigroup increased their price target on shares of AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, May 9th. Oppenheimer reissued an “outperform” rating and issued a $105.00 target price (up from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Finally, Jefferies Financial Group raised their target price on AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $79.94.

Insider Activity

In other news, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $81.37, for a total value of $235,159.30. Following the completion of the sale, the insider now directly owns 448,490 shares of the company’s stock, valued at approximately $36,493,631.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $81.37, for a total value of $235,159.30. Following the transaction, the insider now owns 448,490 shares of the company’s stock, valued at approximately $36,493,631.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 12,755 shares of AppLovin stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $79.01, for a total transaction of $1,007,772.55. Following the sale, the chief marketing officer now owns 1,236,703 shares of the company’s stock, valued at approximately $97,711,904.03. The disclosure for this sale can be found here. Insiders have sold 409,350 shares of company stock valued at $34,147,941 over the last three months. 14.69% of the stock is owned by insiders.

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.