Thoroughbred Financial Services LLC Sells 2,350 Shares of AppLovin Corporation (NASDAQ:APP)

Thoroughbred Financial Services LLC decreased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 6.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,358 shares of the company's stock after selling 2,350 shares during the period. Thoroughbred Financial Services LLC's holdings in AppLovin were worth $8,573,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. ING Groep NV purchased a new position in AppLovin in the 1st quarter worth approximately $31,971,000. Allianz SE purchased a new stake in AppLovin during the 1st quarter valued at approximately $1,068,000. Raiffeisen Bank International AG bought a new stake in shares of AppLovin during the first quarter valued at approximately $525,000. J. Safra Sarasin Holding AG bought a new stake in shares of AppLovin during the first quarter valued at approximately $342,000. Finally, Bank of Nova Scotia lifted its holdings in shares of AppLovin by 2,342.0% in the first quarter. Bank of Nova Scotia now owns 109,159 shares of the company's stock worth $28,924,000 after buying an additional 104,689 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on APP. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Wall Street Zen raised shares of AppLovin from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group raised 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. Jefferies Financial Group lifted their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Piper Sandler reissued an "overweight" rating and set a $470.00 price target (up from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Stock Up 4.2%

Shares of APP opened at $395.01 on Tuesday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The business has a fifty day moving average of $364.27 and a 200 day moving average of $337.95. The company has a market cap of $133.67 billion, a PE ratio of 71.30, a P/E/G ratio of 2.26 and a beta of 2.43. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating 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 business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The business's revenue for the quarter was up 40.3% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling

In other news, CFO Matthew Stumpf sold 9,714 shares of the stock in a transaction that occurred on 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 directly owned 192,421 shares in the company, valued at approximately $81,394,083. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction that occurred on 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 sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 over the last three months. 13.66% of the stock is currently owned by company insiders.

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.

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