HighTower Advisors LLC Decreases Position in AppLovin Corporation $APP

HighTower Advisors LLC lessened its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 39.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,615 shares of the company's stock after selling 12,038 shares during the quarter. HighTower Advisors LLC's holdings in AppLovin were worth $4,933,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin during the 4th quarter worth $294,000. Norinchukin Bank The acquired a new position in shares of AppLovin during the 4th quarter worth $968,000. TD Waterhouse Canada Inc. raised its stake in shares of AppLovin by 161.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 29,013 shares of the company's stock worth $9,397,000 after buying an additional 17,922 shares during the last quarter. Stifel Financial Corp raised its stake in shares of AppLovin by 2.3% during the 4th quarter. Stifel Financial Corp now owns 120,253 shares of the company's stock worth $38,941,000 after buying an additional 2,752 shares during the last quarter. Finally, IHT Wealth Management LLC raised its stake in shares of AppLovin by 4.0% during the 4th quarter. IHT Wealth Management LLC now owns 2,514 shares of the company's stock worth $814,000 after buying an additional 97 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Performance

NASDAQ APP opened at $412.60 on Wednesday. The business's 50-day moving average price is $372.50 and its 200 day moving average price is $343.87. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15. The company has a market capitalization of $139.56 billion, a PE ratio of 58.61, a price-to-earnings-growth ratio of 2.45 and a beta of 2.43. 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 (NASDAQ:APP - Get Free Report) last released its 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. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the business posted $0.89 earnings per share. The firm's revenue for the quarter was up 77.1% compared to the same quarter last year. On average, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction dated 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 directly owned 7,283,292 shares in the company, valued at $3,394,014,072. This represents a 1.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total value of $573,690.00. Following the sale, the director owned 9,510 shares of the company's stock, valued at $3,637,194.60. This represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,022,214 shares of company stock worth $448,294,925 over the last three months. 13.66% of the stock is owned by insiders.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Oppenheimer restated an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Wedbush restated an "outperform" rating and issued a $620.00 price objective on shares of AppLovin in a research report on Thursday, August 7th. Piper Sandler upped their price objective on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. UBS Group upped their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $472.33.

AppLovin Company 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.

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