GABELLI & Co INVESTMENT ADVISERS INC. Sells 400 Shares of AppLovin Corporation $APP

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its position in shares of AppLovin Corporation (NASDAQ:APP) by 33.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 800 shares of the company’s stock after selling 400 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in AppLovin were worth $212,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Rafferty Asset Management LLC boosted its position in shares of AppLovin by 7.3% during the 1st quarter. Rafferty Asset Management LLC now owns 40,437 shares of the company’s stock worth $10,715,000 after acquiring an additional 2,748 shares in the last quarter. Nishkama Capital LLC lifted its stake in AppLovin by 54.3% during the first quarter. Nishkama Capital LLC now owns 72,799 shares of the company’s stock worth $19,290,000 after purchasing an additional 25,608 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of AppLovin by 559.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 31,042 shares of the company’s stock valued at $8,225,000 after purchasing an additional 26,337 shares in the last quarter. Synovus Financial Corp acquired a new stake in shares of AppLovin in the 1st quarter valued at $924,000. Finally, ICONIQ Capital LLC increased its stake in shares of AppLovin by 4,893.0% in the 1st quarter. ICONIQ Capital LLC now owns 40,793 shares of the company’s stock valued at $10,809,000 after purchasing an additional 39,976 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on APP shares. Jefferies Financial Group upped their price objective on AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Scotiabank increased their target price on shares of AppLovin from $430.00 to $450.00 and gave the stock a “sector outperform” rating in a report on Thursday, August 7th. Citigroup restated a “buy” rating on shares of AppLovin in a research note on Thursday, May 29th. Morgan Stanley lifted their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Finally, BTIG Research increased their price objective on shares of AppLovin from $480.00 to $483.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $472.86.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total value of $92,938,000.00. Following the completion of the sale, the director owned 381,929 shares in the company, valued at $177,478,587.01. The trade was a 34.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,221,152 shares of company stock valued at $538,490,378 over the last 90 days. 13.66% of the stock is owned by corporate insiders.

AppLovin Trading Up 4.1%

APP opened at $469.33 on Wednesday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15. The company’s 50 day moving average price is $379.16 and its two-hundred day moving average price is $346.11. The firm has a market capitalization of $158.75 billion, a price-to-earnings ratio of 66.67, a PEG ratio of 2.52 and a beta of 2.43.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business earned $0.89 earnings per share. AppLovin’s revenue was up 77.1% compared to the same quarter last year. As a group, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.