AppLovin Co. (NASDAQ:APP) Shares Sold by Gotham Asset Management LLC

Gotham Asset Management LLC cut its holdings in AppLovin Co. (NASDAQ:APP) by 52.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,045 shares of the company’s stock after selling 84,970 shares during the quarter. Gotham Asset Management LLC’s holdings in AppLovin were worth $25,273,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barclays PLC lifted its stake in AppLovin by 92.5% in the 3rd quarter. Barclays PLC now owns 318,992 shares of the company’s stock valued at $41,643,000 after buying an additional 153,248 shares in the last quarter. Chicago Capital LLC acquired a new position in shares of AppLovin during the fourth quarter valued at approximately $323,000. Graypoint LLC purchased a new position in shares of AppLovin in the fourth quarter valued at approximately $369,000. Brookstone Capital Management acquired a new stake in shares of AppLovin in the fourth quarter worth approximately $290,000. Finally, Wedmont Private Capital increased its position in shares of AppLovin by 4.6% during the fourth quarter. Wedmont Private Capital now owns 6,322 shares of the company’s stock worth $2,013,000 after purchasing an additional 277 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Morgan Stanley raised their price objective on AppLovin from $350.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday. Loop Capital reiterated a “buy” rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. FBN Securities initiated coverage on AppLovin in a report on Friday, March 28th. They set an “outperform” rating and a $385.00 target price on the stock. Arete Research set a $200.00 price target on AppLovin in a report on Wednesday, March 5th. Finally, Citigroup boosted their price objective on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $433.85.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by company insiders.

AppLovin Stock Performance

Shares of AppLovin stock opened at $328.79 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock has a market capitalization of $111.77 billion, a price-to-earnings ratio of 72.42, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The business has a 50-day moving average of $275.55 and a 200 day moving average of $310.54. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating 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 net margin of 33.54% and a return on equity of 188.55%. The business’s quarterly revenue was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share. As a group, sell-side analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current year.

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.