Altshuler Shaham Ltd Lowers Position in AppLovin Corporation $APP

Altshuler Shaham Ltd cut its holdings in AppLovin Corporation (NASDAQ:APP) by 99.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,103 shares of the company’s stock after selling 179,230 shares during the quarter. Altshuler Shaham Ltd’s holdings in AppLovin were worth $743,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in APP. State Street Corp lifted its stake in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Norges Bank purchased a new stake in AppLovin in the fourth quarter worth about $2,040,321,000. Capital Research Global Investors purchased a new stake in AppLovin in the third quarter worth about $743,899,000. Northern Trust Corp lifted its stake in AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after acquiring an additional 756,660 shares during the period. Finally, Amundi lifted its stake in AppLovin by 81.3% in the fourth quarter. Amundi now owns 1,426,896 shares of the company’s stock worth $961,471,000 after acquiring an additional 639,836 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. Wells Fargo & Company upped their price objective on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Argus assumed coverage on shares of AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $669.62.

AppLovin Stock Performance

APP stock opened at $479.49 on Thursday. The firm has a market cap of $161.08 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 0.84 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The firm has a 50-day simple moving average of $489.48 and a two-hundred day simple moving average of $519.07. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue was up 58.9% on a year-over-year basis. During the same period last year, the firm posted $1.67 EPS. On average, equities analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 226,014 shares of company stock valued at $113,073,400. Company insiders own 13.66% of the company’s stock.

About AppLovin

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.