Gotham Asset Management LLC Cuts Stake in AppLovin Corporation $APP

Key Points

• Gotham Asset Management trimmed its AppLovin stake by 3.3% in the fourth quarter, selling 2,679 shares and leaving it with 79,024 shares valued at about $53.2 million.
• AppLovin reported strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping expectations; revenue rose 58.9% year over year.
• Insiders sold shares recently, including a June sale by Victoria Valenzuela and a May sale by CFO Matthew Stumpf, while analysts currently rate the stock a “Moderate Buy” with a consensus target price of $669.62.

Gotham Asset Management LLC cut its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,024 shares of the company's stock after selling 2,679 shares during the quarter. Gotham Asset Management LLC's holdings in AppLovin were worth $53,248,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of APP. State Street Corp grew its stake in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares during the last quarter. Norges Bank purchased a new position in AppLovin in the 4th quarter worth $2,040,321,000. Capital Research Global Investors purchased a new position in shares of AppLovin in the third quarter worth about $743,899,000. Northern Trust Corp lifted its holdings in shares of AppLovin by 46.8% during the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock worth $1,706,144,000 after purchasing an additional 756,660 shares during the period. Finally, Amundi lifted its holdings in shares of AppLovin by 81.3% during the fourth quarter. Amundi now owns 1,426,896 shares of the company's stock worth $961,471,000 after purchasing an additional 639,836 shares during the period. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 6.9%

AppLovin stock opened at $479.49 on Thursday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $161.08 billion, a PE ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45. The business has a 50 day simple moving average of $489.48 and a 200-day simple moving average of $519.07. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly 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 for the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm's revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 EPS. On average, analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares of the company's stock, valued at $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew Stumpf sold 9,052 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 226,014 shares of company stock valued at $113,073,400. 13.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on APP shares. Needham & Company LLC reissued a "buy" rating and set a $700.00 target price on shares of AppLovin in a report on Thursday, May 28th. JPMorgan Chase & Co. increased their price target on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $669.62.

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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