Allen Investment Management LLC Sells 4,610 Shares of AppLovin Corporation $APP

Allen Investment Management LLC decreased its position in AppLovin Corporation (NASDAQ:APP) by 40.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,810 shares of the company’s stock after selling 4,610 shares during the period. Allen Investment Management LLC’s holdings in AppLovin were worth $4,589,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp grew its holdings 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 purchasing an additional 6,237,051 shares during the period. Norges Bank bought a new stake in AppLovin in the fourth quarter valued at $2,040,321,000. Capital Research Global Investors acquired a new position in shares of AppLovin during the third quarter valued at about $743,899,000. Finally, Northern Trust Corp boosted its position in shares of AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after purchasing an additional 756,660 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the sale, the director owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 2,889 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $488.90, for a total value of $1,412,432.10. Following the completion of the transaction, the chief technology officer directly owned 17,945 shares of the company’s stock, valued at $8,773,310.50. The trade was a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 464,016 shares of company stock worth $218,477,985. 13.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on APP shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 7th. BTIG Research reaffirmed a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. The Goldman Sachs Group reduced their price objective on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Finally, Wedbush reissued an “outperform” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $664.35.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $613.70 on Tuesday. The firm has a market capitalization of $206.17 billion, a PE ratio of 52.72, a P/E/G ratio of 1.00 and a beta of 2.45. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a 50-day moving average price of $460.05 and a two-hundred day moving average price of $520.92. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for 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%. The company’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.67 earnings per share. Equities analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.

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.