Altfest L J & Co. Inc. Cuts Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Altfest L J & Co. Inc. reduced its stake in AppLovin Corporation by 48.1%, now holding 3,267 shares valued at approximately $866,000.
• Several large investors, including Vanguard Group Inc. and Baillie Gifford & Co., increased their holdings in AppLovin during the 1st quarter, indicating strong institutional interest.
• AppLovin's CEO, Arash Adam Foroughi, sold 100,000 shares valued at over $36 million, while insider sales for the last three months totaled approximately $455 million.

Altfest L J & Co. Inc. trimmed its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 48.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,267 shares of the company's stock after selling 3,024 shares during the period. Altfest L J & Co. Inc.'s holdings in AppLovin were worth $866,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC acquired a new position in AppLovin during the 4th quarter worth approximately $294,000. Wedbush Securities Inc. purchased a new stake in shares of AppLovin during the 4th quarter worth $236,000. Quadrant Capital Group LLC lifted its position in shares of AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares during the last quarter. FIL Ltd grew its stake in shares of AppLovin by 172.8% during the fourth quarter. FIL Ltd now owns 159,750 shares of the company's stock worth $51,732,000 after purchasing an additional 101,180 shares in the last quarter. Finally, Bank of Nova Scotia increased its holdings in AppLovin by 14.5% in the fourth quarter. Bank of Nova Scotia now owns 4,470 shares of the company's stock valued at $1,448,000 after buying an additional 565 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of APP traded up $46.77 during mid-day trading on Thursday, hitting $437.34. 20,721,653 shares of the company's stock were exchanged, compared to its average volume of 4,873,250. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a fifty-two week low of $66.16 and a fifty-two week high of $525.15. The business's 50 day moving average is $365.28 and its two-hundred day moving average is $339.24. The firm has a market capitalization of $147.99 billion, a P/E ratio of 62.12, a P/E/G ratio of 2.33 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 274.45% and a net margin of 45.72%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the business posted $0.89 EPS. The company's revenue was up 77.1% on a year-over-year basis. On average, equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This represents a 3.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director owned 221,209 shares of the company's stock, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. Corporate insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wedbush reaffirmed an "outperform" rating and set a $620.00 price target on shares of AppLovin in a report on Thursday. Jefferies Financial Group raised their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Benchmark restated a "buy" rating and set a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. BTIG Research upped their price target on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Morgan Stanley raised their price objective on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $472.33.

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.