AppLovin Corporation (NASDAQ:APP) Shares Sold by GQG Partners LLC

Key Points

• GQG Partners LLC completely sold its stake in AppLovin Corporation, reducing holdings by 100% and worth approximately $1.07 million as of the latest filing.
• Several institutional investors have recently acquired new stakes in AppLovin, with a collective ownership of 41.85% of the stock.
• AppLovin reported a 77.1% year-over-year increase in revenue, despite missing revenue expectations, with an earnings per share (EPS) of $2.26 for the last quarter.

GQG Partners LLC reduced its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 100.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,036 shares of the company's stock after selling 8,434,521 shares during the quarter. GQG Partners LLC's holdings in AppLovin were worth $1,069,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the 4th quarter valued at approximately $25,000. Atala Financial Inc acquired a new stake in AppLovin during the 1st quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new stake in AppLovin during the 1st quarter valued at approximately $27,000. ORG Wealth Partners LLC acquired a new stake in AppLovin during the 1st quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in AppLovin during the 1st quarter valued at approximately $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 100,000 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $419.91, for a total value of $41,991,000.00. Following the completion of the sale, the director owned 181,929 shares of the company's stock, valued at $76,393,806.39. The trade was a 35.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total value of $573,690.00. Following the completion of the sale, the director directly owned 9,510 shares of the company's stock, valued at $3,637,194.60. This represents a 13.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 400,398 shares of company stock valued at $151,712,641. 13.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on APP. HSBC set a $436.00 price objective on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. UBS Group increased their target price on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. JPMorgan Chase & Co. increased their target price on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, The Goldman Sachs Group increased their target price on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $472.33.

AppLovin Stock Performance

Shares of APP stock opened at $467.00 on Wednesday. AppLovin Corporation has a 1-year low of $75.89 and a 1-year high of $525.15. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $158.03 billion, a price-to-earnings ratio of 66.34, a P/E/G ratio of 2.60 and a beta of 2.43. The stock's fifty day simple moving average is $369.42 and its 200-day simple moving average is $341.34.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%. The business's revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.89 earnings per share. On average, sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

About AppLovin

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.

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