AppLovin Co. (NASDAQ:APP) Shares Sold by Ellevest Inc.

by · The Cerbat Gem

Ellevest Inc. cut its stake in shares of AppLovin Co. (NASDAQ:APP – Free Report) by 9.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,544 shares of the company’s stock after selling 152 shares during the quarter. Ellevest Inc.’s holdings in AppLovin were worth $500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in APP. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin in the fourth quarter valued at about $25,000. GHP Investment Advisors Inc. acquired a new position in AppLovin during the fourth quarter valued at $25,000. Riverview Trust Co raised its stake in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter valued at approximately $28,000. Finally, Hemington Wealth Management grew its stake in shares of AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after purchasing an additional 40 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The stock was 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 approximately $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on APP. Piper Sandler upped their price objective on shares of AppLovin from $425.00 to $455.00 and gave the stock an “overweight” rating in a research report on Thursday. Morgan Stanley increased their price objective on shares of AppLovin from $350.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday. Arete Research set a $200.00 price target on shares of AppLovin in a research report on Wednesday, March 5th. UBS Group increased their target price on AppLovin from $450.00 to $475.00 and gave the company a “buy” rating in a report on Thursday. Finally, Loop Capital reiterated a “buy” rating and set a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $433.85.

Get Our Latest Stock Analysis on AppLovin

AppLovin Trading Down 3.2 %

Shares of AppLovin stock opened at $328.79 on Friday. The stock has a 50 day moving average of $275.55 and a 200 day moving average of $310.54. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a market capitalization of $111.77 billion, a price-to-earnings ratio of 72.42, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company earned $0.67 earnings per share. The firm’s quarterly revenue was up 40.3% compared to the same quarter last year. As a group, research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

AppLovin Profile

(Free Report)

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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