AppLovin Co. (NYSE:APP) Shares Sold by Victory Capital Management Inc.

Posted by on Jun 6th, 2023

Victory Capital Management Inc. reduced its stake in shares of AppLovin Co. (NYSE:APP – Get Rating) by 6.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 58,323 shares of the company’s stock after selling 3,960 shares during the period. Victory Capital Management Inc.’s holdings in AppLovin were worth $643,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blair William & Co. IL boosted its holdings in AppLovin by 5.4% during the first quarter. Blair William & Co. IL now owns 7,552 shares of the company’s stock worth $416,000 after buying an additional 386 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of AppLovin by 99.0% during the 1st quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock worth $54,000 after acquiring an additional 488 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of AppLovin by 8.5% in the 3rd quarter. Hsbc Holdings PLC now owns 12,637 shares of the company’s stock worth $250,000 after acquiring an additional 985 shares during the period. Eaton Vance Management increased its stake in AppLovin by 4.0% in the 3rd quarter. Eaton Vance Management now owns 26,651 shares of the company’s stock valued at $520,000 after purchasing an additional 1,023 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in AppLovin by 10.6% during the first quarter. PNC Financial Services Group Inc. now owns 10,673 shares of the company’s stock worth $587,000 after purchasing an additional 1,027 shares during the last quarter. 38.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

APP has been the topic of several research reports. UBS Group lowered AppLovin from a “buy” rating to a “neutral” rating and lowered their target price for the company from $59.00 to $16.00 in a report on Thursday, February 23rd. Benchmark raised their target price on shares of AppLovin from $9.00 to $14.00 in a report on Thursday, May 11th. Citigroup reduced their price target on shares of AppLovin from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 14th. Morgan Stanley raised their price objective on shares of AppLovin from $16.00 to $17.50 in a research note on Thursday, May 11th. Finally, Bank of America raised AppLovin from a “neutral” rating to a “buy” rating and upped their target price for the company from $21.00 to $27.00 in a research note on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.94.

Insider Transactions at AppLovin

In other news, major shareholder Denali Holdings L.P. Kkr sold 15,952,381 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $21.00, for a total transaction of $335,000,001.00. Following the completion of the sale, the insider now owns 44,782,619 shares in the company, valued at approximately $940,434,999. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AppLovin news, CMO Katie Kihorany Jansen sold 52,193 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $25.04, for a total value of $1,306,912.72. Following the transaction, the chief marketing officer now directly owns 1,449,373 shares of the company’s stock, valued at $36,292,299.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Denali Holdings L.P. Kkr sold 15,952,381 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $21.00, for a total value of $335,000,001.00. Following the completion of the sale, the insider now directly owns 44,782,619 shares of the company’s stock, valued at approximately $940,434,999. The disclosure for this sale can be found here. Insiders have sold a total of 31,054,574 shares of company stock worth $682,402,414 in the last three months. 12.43% of the stock is currently owned by company insiders.

AppLovin Stock Performance

NYSE:APP opened at $25.60 on Tuesday. The company has a market cap of $9.33 billion, a P/E ratio of -116.36, a P/E/G ratio of 3.57 and a beta of 1.95. The firm’s 50 day moving average is $19.09 and its two-hundred day moving average is $14.81. AppLovin Co. has a fifty-two week low of $9.14 and a fifty-two week high of $44.76. The company has a quick ratio of 3.31, a current ratio of 3.31 and a debt-to-equity ratio of 1.68.

AppLovin (NYSE:APP – Get Rating) last issued its earnings results on Wednesday, May 10th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.06). AppLovin had a negative return on equity of 0.15% and a negative net margin of 2.82%. The firm had revenue of $715.41 million during the quarter, compared to analysts’ expectations of $693.58 million. Analysts expect that AppLovin Co. will post 0.35 EPS for the current year.

AppLovin Company Profile

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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Institutional Ownership by Quarter for AppLovin (NYSE:APP)

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