SteelPeak Wealth LLC Sells 27,517 Shares of AppLovin Corporation $APP

SteelPeak Wealth LLC reduced its position in shares of AppLovin Corporation (NASDAQ:APP) by 94.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,669 shares of the company’s stock after selling 27,517 shares during the period. SteelPeak Wealth LLC’s holdings in AppLovin were worth $860,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Revolve Wealth Partners LLC acquired a new position in AppLovin in the 4th quarter valued at $294,000. Bison Wealth LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $239,000. Integrated Wealth Concepts LLC boosted its position in shares of AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after acquiring an additional 621 shares during the period. NewEdge Advisors LLC boosted its position in shares of AppLovin by 5.7% in the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after acquiring an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina boosted its position in shares of AppLovin by 7.2% in the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after acquiring an additional 9,380 shares during the period. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Down 4.7%

APP opened at $303.76 on Thursday. The stock has a market capitalization of $102.05 billion, a price-to-earnings ratio of 23.35, a P/E/G ratio of 0.59 and a beta of 2.54. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a twelve month low of $303.17 and a twelve month high of $745.61. The company has a 50-day simple moving average of $457.60 and a 200 day simple moving average of $458.54.

AppLovin (NASDAQ:APP) last released its earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, meeting the consensus estimate of $3.76. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The business’s quarterly revenue was up 52.8% compared to the same quarter last year. During the same period last year, the firm earned $2.39 EPS. Analysts predict that AppLovin Corporation will post 15.57 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction on 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 owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 in the last three months. Company insiders own 12.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on APP shares. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Needham & Company LLC decreased their target price on shares of AppLovin from $700.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Benchmark lowered their target price on shares of AppLovin from $775.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Royal Bank Of Canada dropped their price target on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $565.91.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: AppLovin expects revenue growth to reaccelerate sequentially in the third quarter while maintaining an approximately 83% margin, even as it invests in additional AI computing capacity. The guidance supports the view that recent weakness may be temporary. AppLovin Q3 Guidance Signals Reacceleration After a Mixed Q2 Print
• Positive Sentiment: Phillip Securities upgraded APP from “moderate buy” to “strong buy.” BTIG also maintained a buy rating and set a $408 price target, implying substantial upside despite lowering its previous target of $574. BTIG AppLovin Price Target
• Positive Sentiment: Several investment commentaries characterize AppLovin as an attractive value opportunity after its steep decline, citing rapid revenue growth, high margins and strong earnings potential relative to valuation. AppLovin Won’t Be This Cheap for Long

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.