AXS Investments LLC Sells 176 Shares of AppLovin Corporation (NASDAQ:APP)

AXS Investments LLC cut its stake in shares of AppLovin Corporation (NASDAQ:APP) by 5.2% in the first quarter, Holdings Channel reports. The fund owned 3,234 shares of the company’s stock after selling 176 shares during the period. AXS Investments LLC’s holdings in AppLovin were worth $857,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quadrant Capital Group LLC increased its stake in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock valued at $170,000 after buying an additional 33 shares in the last quarter. Forum Financial Management LP increased its stake in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock valued at $1,223,000 after buying an additional 33 shares in the last quarter. Vestcor Inc increased its stake in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after buying an additional 33 shares in the last quarter. Argentarii LLC increased its stake in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company’s stock valued at $699,000 after buying an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of AppLovin by 13.4% in the first quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $97,000 after buying an additional 43 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

APP has been the subject of a number of research reports. JPMorgan Chase & Co. raised their target price on AppLovin from $355.00 to $400.00 and gave the company a “neutral” rating in a research note on Tuesday, June 3rd. Benchmark reiterated a “buy” rating and issued a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. The Goldman Sachs Group lifted their price objective on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Wall Street Zen upgraded AppLovin from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Morgan Stanley lifted their price objective on AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $447.57.

AppLovin Price Performance

Shares of APP opened at $390.57 on Thursday. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a 50 day simple moving average of $364.21 and a 200 day simple moving average of $338.59. AppLovin Corporation has a 52-week low of $66.16 and a 52-week high of $525.15. The firm has a market capitalization of $132.16 billion, a PE ratio of 70.50, a P/E/G ratio of 2.25 and a beta of 2.43.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.34. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the firm earned $0.89 EPS. AppLovin’s quarterly revenue was up 77.1% compared to the same quarter last year. Sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, Director Herald Y. Chen sold 171,420 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total value of $64,071,653.40. Following the sale, the director owned 221,209 shares in the company, valued at approximately $82,681,287.93. The trade was a 43.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the sale, the chief executive officer owned 2,760,363 shares in the company, valued at $1,014,461,006.13. The trade was a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last 90 days. 13.66% of the stock is owned by company insiders.

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.