Range Financial Group LLC Sells 3,020 Shares of AppLovin Corporation $APP

Range Financial Group LLC lessened its stake in AppLovin Corporation (NASDAQ:APP) by 71.6% in the third quarter, HoldingsChannel reports. The firm owned 1,199 shares of the company’s stock after selling 3,020 shares during the period. Range Financial Group LLC’s holdings in AppLovin were worth $862,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Heartwood Wealth Advisors LLC purchased a new position in shares of AppLovin in the 3rd quarter worth $33,000. Hilltop National Bank bought a new position in AppLovin in the second quarter valued at about $26,000. LFA Lugano Financial Advisors SA bought a new position in AppLovin in the second quarter valued at about $26,000. Grove Bank & Trust purchased a new position in AppLovin in the third quarter worth about $58,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of AppLovin during the 2nd quarter valued at about $33,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Eduardo Vivas sold 150,000 shares of AppLovin stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the sale, the director owned 7,133,292 shares of the company’s stock, valued at approximately $4,643,131,095.72. This trade represents a 2.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the transaction, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 340,336 shares of company stock worth $200,062,623 over the last ninety days. Corporate insiders own 13.66% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $698.82 on Tuesday. The company has a market capitalization of $236.17 billion, a P/E ratio of 84.81, a P/E/G ratio of 3.83 and a beta of 2.51. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The firm’s 50 day simple moving average is $632.59 and its two-hundred day simple moving average is $526.52. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company’s revenue for the quarter was up 68.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.29 earnings per share. Research analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Jefferies Financial Group increased their price objective on shares of AppLovin from $800.00 to $860.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Oppenheimer set a $740.00 target price on shares of AppLovin in a report on Tuesday, October 7th. Morgan Stanley increased their price target on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Royal Bank Of Canada boosted their price objective on shares of AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Finally, Benchmark upped their price objective on AppLovin from $700.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Nineteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell 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 $695.90.

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.