Algert Global LLC Cuts Position in AppLovin Corporation $APP

Key Points

• Algert Global LLC significantly reduced its stake in AppLovin Corporation by 91.1%, selling 13,247 shares and holding only 1,289 shares worth $342,000.
• Multiple analysts have increased their price targets for AppLovin, with ratings ranging from Buy to Overweight, setting an average target price of $472.86.
• Recent insider activity includes CTO Vasily Shikin selling 30,000 shares for over $13 million, and Director Eduardo Vivas selling 125,000 shares for approximately $58.25 million.

Algert Global LLC decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 91.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,289 shares of the company's stock after selling 13,247 shares during the quarter. Algert Global LLC's holdings in AppLovin were worth $342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of APP. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin during the 4th quarter valued at about $25,000. Atala Financial Inc acquired a new position in shares of AppLovin during the 1st quarter valued at about $26,000. Alpine Bank Wealth Management acquired a new position in shares of AppLovin during the 1st quarter valued at about $27,000. ORG Wealth Partners LLC acquired a new position in shares of AppLovin during the 1st quarter valued at about $29,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new stake in AppLovin in the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Trading Down 1.4%

NASDAQ:APP traded down $6.80 on Wednesday, reaching $462.53. 2,308,898 shares of the company's stock were exchanged, compared to its average volume of 7,040,929. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $156.45 billion, a price-to-earnings ratio of 65.68, a price-to-earnings-growth ratio of 2.52 and a beta of 2.43. The business has a fifty day moving average of $379.16 and a 200-day moving average of $346.11. AppLovin Corporation has a 52-week low of $82.51 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. As a group, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Victoria Valenzuela sold 16,599 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $416.71, for a total transaction of $6,916,969.29. Following the sale, the insider owned 319,955 shares in the company, valued at $133,328,448.05. The trade was a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,221,152 shares of company stock worth $538,490,378 over the last three months. Company insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

APP has been the topic of several research analyst reports. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. UBS Group boosted their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Oppenheimer restated an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Morgan Stanley boosted their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, BTIG Research boosted their price objective on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $472.86.

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.