AppLovin Corporation (NASDAQ:APP) Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in AppLovin Corporation by 5.8%, owning 2,226,973 shares worth approximately $590 million as of the latest SEC filing.
• Several other institutional investors, including Baillie Gifford & Co. and Dynasty Wealth Management LLC, significantly increased their stakes in AppLovin during the first quarter of the year.
• Despite a 12% increase in stock price recently, analysts have mixed ratings on AppLovin, with an average rating of "Moderate Buy" and a consensus price target of $472.33.

Goldman Sachs Group Inc. cut its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 5.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,226,973 shares of the company's stock after selling 138,009 shares during the quarter. Goldman Sachs Group Inc. owned about 0.66% of AppLovin worth $590,081,000 at the end of the most recent reporting period.

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

AppLovin Price Performance

AppLovin stock traded up $18.64 during mid-day trading on Friday, hitting $455.98. 9,470,995 shares of the company were exchanged, compared to its average volume of 7,231,367. The company has a market capitalization of $154.30 billion, a P/E ratio of 64.77, a PEG ratio of 2.33 and a beta of 2.43. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The business's 50 day simple moving average is $365.28 and its two-hundred day simple moving average is $339.24. AppLovin Corporation has a 12-month low of $72.81 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its 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 firm 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 274.45%. AppLovin's revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.89 earnings per share. Analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares of the company's stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the sale, the chief financial officer owned 192,421 shares of the company's stock, valued at $81,394,083. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. Insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on APP. Piper Sandler increased their price target on AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research report on Thursday. HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Wall Street Zen upgraded AppLovin from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Morgan Stanley raised their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, JPMorgan Chase & Co. upped their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $472.33.

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.