AppLovin Co. (NASDAQ:APP) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd cut its stake in AppLovin Co. (NASDAQ:APP) by 5.1% in the third quarter, HoldingsChannel reports. The fund owned 15,508 shares of the company’s stock after selling 842 shares during the period. Gulf International Bank UK Ltd’s holdings in AppLovin were worth $2,024,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. DT Investment Partners LLC purchased a new position in shares of AppLovin during the 3rd quarter valued at approximately $27,000. Raleigh Capital Management Inc. acquired a new stake in AppLovin during the third quarter valued at $29,000. Quest Partners LLC purchased a new position in AppLovin in the second quarter valued at $33,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of AppLovin in the second quarter worth about $34,000. Finally, Covestor Ltd boosted its stake in shares of AppLovin by 85.8% during the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 2.0 %

Shares of APP opened at $168.55 on Thursday. The company’s 50-day moving average price is $130.62 and its 200 day moving average price is $98.02. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $176.99. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a market cap of $56.34 billion, a P/E ratio of 71.72, a price-to-earnings-growth ratio of 2.36 and a beta of 1.86.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the business posted $0.22 EPS. The business’s revenue for the quarter was up 44.0% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Co. will post 3.47 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 610,094 shares of company stock valued at $51,022,478 over the last quarter. 14.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on APP shares. The Goldman Sachs Group cut AppLovin from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $103.00 to $150.00 in a research report on Monday, October 14th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. Jefferies Financial Group increased their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Loop Capital assumed coverage on shares of AppLovin in a research note on Tuesday, October 22nd. They set a “buy” rating and a $181.00 target price for the company. Finally, Benchmark raised their price target on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $136.78.

About AppLovin

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.