Wright Investors Service Inc. Sells 1,488 Shares of AppLovin Co. (NASDAQ:APP)

Wright Investors Service Inc. reduced its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 30.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,332 shares of the company's stock after selling 1,488 shares during the period. Wright Investors Service Inc.'s holdings in AppLovin were worth $883,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GHP Investment Advisors Inc. bought a new position in shares of AppLovin in the fourth quarter valued at approximately $25,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin in the fourth quarter valued at approximately $25,000. Riverview Trust Co grew its holdings in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after acquiring an additional 82 shares in the last quarter. Tucker Asset Management LLC bought a new position in shares of AppLovin in the fourth quarter valued at approximately $28,000. Finally, Hemington Wealth Management grew its holdings in AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after purchasing an additional 40 shares during the period. 41.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,500 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. This trade represents a 16.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig Scott Billings sold 12,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the transaction, the director now directly owns 2,987 shares in the company, valued at $1,054,769.44. This trade represents a 80.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,115,754 shares of company stock valued at $411,165,970 over the last quarter. 14.69% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Oppenheimer reissued an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. JPMorgan Chase & Co. increased their price objective on AppLovin from $270.00 to $355.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Wells Fargo & Company increased their target price on AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Morgan Stanley raised their price target on AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Finally, HSBC set a $436.00 price target on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $433.85.

AppLovin Price Performance

NASDAQ:APP traded up $8.91 during midday trading on Monday, hitting $401.91. The company had a trading volume of 6,194,388 shares, compared to its average volume of 6,089,320. The stock's fifty day moving average price is $298.37 and its 200-day moving average price is $328.97. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $136.00 billion, a PE ratio of 88.53, a P/E/G ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 EPS. As a group, research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current 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.