CoreCap Advisors LLC Sells 891 Shares of AppLovin Co. (NASDAQ:APP)

CoreCap Advisors LLC trimmed its position in AppLovin Co. (NASDAQ:APP - Free Report) by 32.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,893 shares of the company's stock after selling 891 shares during the quarter. CoreCap Advisors LLC's holdings in AppLovin were worth $613,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APP. FMR LLC grew its position in AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares during the period. SVB Wealth LLC bought a new position in AppLovin during the 4th quarter valued at about $1,781,922,000. Geode Capital Management LLC grew its position in AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after acquiring an additional 573,310 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Up 5.9%

Shares of AppLovin stock traded up $19.36 on Monday, hitting $347.90. The company had a trading volume of 7,818,944 shares, compared to its average volume of 6,004,242. The firm has a market capitalization of $118.27 billion, a P/E ratio of 76.63, a P/E/G ratio of 3.02 and a beta of 2.39. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock has a 50-day moving average of $275.55 and a 200-day moving average of $312.65.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.67 earnings per share. Research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the sale, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock worth $106,401,841 in the last ninety days. 14.69% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on APP shares. Bank of America upped their target price on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a report on Thursday. Jefferies Financial Group boosted their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday. UBS Group lifted their price objective on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Morgan Stanley lifted their price objective on AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and a consensus price target of $433.85.

AppLovin Profile

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.