AppLovin Corporation (NASDAQ:APP) Shares Sold by Horizon Investment Services LLC

Horizon Investment Services LLC reduced its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 35.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,883 shares of the company's stock after selling 11,003 shares during the quarter. AppLovin accounts for approximately 2.6% of Horizon Investment Services LLC's holdings, making the stock its 13th biggest holding. Horizon Investment Services LLC's holdings in AppLovin were worth $5,268,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC raised its holdings in shares of AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after acquiring an additional 31 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after purchasing an additional 33 shares in the last quarter. Forum Financial Management LP boosted its stake in shares of AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after purchasing an additional 33 shares in the last quarter. Argentarii LLC boosted its stake in shares of AppLovin by 1.5% during the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after purchasing an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of AppLovin by 13.4% during the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after purchasing an additional 43 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In related news, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the transaction, the director owned 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the transaction, the director owned 221,209 shares in the company, valued at $82,681,287.93. The trade was a 43.66% 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. Insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of APP traded down $1.14 during trading hours on Thursday, reaching $360.98. The company had a trading volume of 1,381,831 shares, compared to its average volume of 7,218,785. The firm has a 50 day simple moving average of $362.19 and a 200-day simple moving average of $335.52. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The company has a market capitalization of $122.15 billion, a price-to-earnings ratio of 65.14, a PEG ratio of 2.07 and a beta of 2.42. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period last year, the company earned $0.67 EPS. The firm's revenue for the quarter was up 40.3% compared to the same quarter last year. Research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of AppLovin from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Wells Fargo & Company raised their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. 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, May 8th. UBS Group raised their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Loop Capital reaffirmed a "buy" rating and issued a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $447.57.

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.