Gulf International Bank UK Ltd Has $3.22 Million Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Gulf International Bank UK Ltd reduced its stake in AppLovin Corporation by 21.3%, bringing its total holdings to 12,155 shares worth approximately $3.22 million.
• AppLovin's stock saw a decrease during midday trading, reaching $433.34, with a significant trading volume of nearly 5 million shares.
• Analysts have mixed views on AppLovin's stock, with target price adjustments from various firms; JPMorgan set a target of $425.00 while Morgan Stanley raised theirs to $480.00.

Gulf International Bank UK Ltd trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 21.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,155 shares of the company's stock after selling 3,282 shares during the period. Gulf International Bank UK Ltd's holdings in AppLovin were worth $3,220,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in APP. Prudential PLC increased its stake in shares of AppLovin by 209.7% in the first quarter. Prudential PLC now owns 23,940 shares of the company's stock worth $6,343,000 after buying an additional 16,209 shares during the last quarter. Resona Asset Management Co. Ltd. increased its stake in shares of AppLovin by 8.7% in the first quarter. Resona Asset Management Co. Ltd. now owns 63,512 shares of the company's stock worth $16,891,000 after buying an additional 5,090 shares during the last quarter. Westpac Banking Corp increased its stake in shares of AppLovin by 488.9% in the first quarter. Westpac Banking Corp now owns 14,852 shares of the company's stock worth $3,935,000 after buying an additional 12,330 shares during the last quarter. Callan Family Office LLC increased its stake in shares of AppLovin by 75.0% in the first quarter. Callan Family Office LLC now owns 2,983 shares of the company's stock worth $790,000 after buying an additional 1,278 shares during the last quarter. Finally, AIA Group Ltd grew its position in shares of AppLovin by 31.5% in the 1st quarter. AIA Group Ltd now owns 1,822 shares of the company's stock worth $483,000 after acquiring an additional 436 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Benchmark reaffirmed a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a report on Thursday, May 8th. UBS Group increased their price objective on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. BTIG Research increased their price objective on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company increased their price objective on shares of AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $472.33.

Insider Activity

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the sale, the director owned 7,283,292 shares of the company's stock, valued at $3,394,014,072. This trade represents a 1.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total value of $92,938,000.00. Following the sale, the director directly owned 381,929 shares of the company's stock, valued at $177,478,587.01. This represents a 34.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 925,398 shares of company stock valued at $392,582,738 over the last three months. Corporate insiders own 13.66% of the company's stock.

AppLovin Trading Up 1.2%

Shares of NASDAQ:APP traded up $5.34 during mid-day trading on Friday, reaching $438.68. The stock had a trading volume of 3,399,166 shares, compared to its average volume of 7,161,153. The firm has a market cap of $148.44 billion, a PE ratio of 62.31, a price-to-earnings-growth ratio of 2.50 and a beta of 2.43. The firm has a 50 day simple moving average of $370.40 and a two-hundred day simple moving average of $342.69. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15.

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