Altshuler Shaham Ltd Reduces Holdings in AppLovin Corporation $APP

Key Points

• Altshuler Shaham Ltd cut its AppLovin stake by 99.4% in the fourth quarter, leaving it with just 1,103 shares valued at about $743,000 after selling 179,230 shares.
• Several other institutional investors were active in APP, including State Street, Norges Bank, Capital Research Global Investors, and Amundi; overall, hedge funds and other institutions own 41.85% of the stock.
• AppLovin reported strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping forecasts, while analysts maintain a Moderate Buy consensus and a target price of $669.62.

Altshuler Shaham Ltd decreased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 99.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,103 shares of the company's stock after selling 179,230 shares during the quarter. Altshuler Shaham Ltd's holdings in AppLovin were worth $743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in APP. State Street Corp boosted its holdings in shares of AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Norges Bank purchased a new position in AppLovin during the fourth quarter valued at approximately $2,040,321,000. Capital Research Global Investors purchased a new position in AppLovin during the third quarter valued at approximately $743,899,000. Northern Trust Corp lifted its holdings in AppLovin by 46.8% during the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after purchasing an additional 756,660 shares in the last quarter. Finally, Amundi lifted its holdings in AppLovin by 81.3% during the fourth quarter. Amundi now owns 1,426,896 shares of the company's stock valued at $961,471,000 after purchasing an additional 639,836 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on APP shares. Wedbush reaffirmed an "outperform" rating and set a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Benchmark reaffirmed a "buy" rating on shares of AppLovin in a report on Wednesday, June 10th. Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Finally, UBS Group lowered their price target on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. 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 data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus target price of $669.62.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 22,544 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the sale, the chief executive officer directly owned 2,327,684 shares of the company's stock, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the business's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares of the company's stock, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 226,014 shares of company stock valued at $113,073,400. Insiders own 13.66% of the company's stock.

AppLovin Stock Down 6.9%

Shares of APP opened at $479.49 on Thursday. The firm has a market capitalization of $161.08 billion, a P/E ratio of 41.19, a P/E/G ratio of 0.84 and a beta of 2.45. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a fifty day moving average price of $489.48 and a 200-day moving average price of $519.07.

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

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.

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