AppLovin Corporation $APP Holdings Lowered by Horizon Investment Services LLC

Horizon Investment Services LLC reduced its stake in shares of AppLovin Corporation (NASDAQ:APP) by 10.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,180 shares of the company’s stock after selling 1,898 shares during the period. AppLovin accounts for about 3.9% of Horizon Investment Services LLC’s holdings, making the stock its 4th biggest position. Horizon Investment Services LLC’s holdings in AppLovin were worth $10,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin during the 4th quarter worth approximately $294,000. Bison Wealth LLC acquired a new position in shares of AppLovin during the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC raised its position in shares of AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after purchasing an additional 9,380 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Wells Fargo & Company lifted their price objective on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Morgan Stanley restated an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Wedbush restated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Finally, Citigroup restated a “buy” rating and set a $710.00 price objective on shares of AppLovin in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $669.62.

AppLovin Trading Up 3.8%

Shares of APP opened at $496.77 on Friday. The stock has a fifty day moving average of $482.88 and a two-hundred day moving average of $520.84. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The company has a market capitalization of $166.88 billion, a PE ratio of 42.68, a price-to-earnings-growth ratio of 0.81 and a beta of 2.45. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 EPS. As a group, analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the sale, the director owned 123,520 shares of the company’s stock, valued at approximately $71,893,580.80. The trade was a 2.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 389,924 shares of company stock worth $187,404,946. 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.