AppLovin Co. (NASDAQ:APP) Shares Sold by Garden State Investment Advisory Services LLC

Garden State Investment Advisory Services LLC cut its holdings in AppLovin Co. (NASDAQ:APP) by 8.8% during the 3rd quarter, Holdings Channel reports. The firm owned 2,929 shares of the company’s stock after selling 283 shares during the period. Garden State Investment Advisory Services LLC’s holdings in AppLovin were worth $382,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Townsquare Capital LLC raised its stake in AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after purchasing an additional 3,126 shares during the last quarter. Second Half Financial Partners LLC purchased a new stake in shares of AppLovin during the third quarter worth about $224,000. State Street Corp raised its position in shares of AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares during the period. Finally, Zacks Investment Management boosted its position in AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after acquiring an additional 81,331 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on APP. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and boosted their price target for the company from $103.00 to $150.00 in a report on Monday, October 14th. JPMorgan Chase & Co. upped their target price on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America increased their target price on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Oppenheimer restated an “outperform” rating and issued a $480.00 price target on shares of AppLovin in a report on Tuesday. Finally, Citigroup increased their price target on shares of AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $292.79.

AppLovin Price Performance

Shares of NASDAQ APP opened at $324.47 on Friday. The company has a market capitalization of $108.89 billion, a price-to-earnings ratio of 98.32, a PEG ratio of 4.17 and a beta of 2.28. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 1-year low of $37.40 and a 1-year high of $417.64. The business has a 50-day moving average of $246.00 and a 200-day moving average of $144.37.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business’s quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 earnings per share. On average, equities analysts anticipate that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, CFO Herald Y. Chen sold 400 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the sale, the chief financial officer now directly owns 207,649 shares in the company, valued at $76,032,757.84. This trade represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 872,896 shares of company stock valued at $279,773,021. Corporate insiders own 14.69% of the company’s stock.

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.