Range Financial Group LLC Trims Stake in AppLovin Corporation $APP

Range Financial Group LLC reduced its stake in AppLovin Corporation (NASDAQ:APP) by 71.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,199 shares of the company’s stock after selling 3,020 shares during the period. Range Financial Group LLC’s holdings in AppLovin were worth $862,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of AppLovin in the 2nd quarter worth approximately $951,541,000. Royal Bank of Canada boosted its position in shares of AppLovin by 61.1% during the first quarter. Royal Bank of Canada now owns 1,434,503 shares of the company’s stock valued at $380,102,000 after purchasing an additional 544,107 shares in the last quarter. Amundi grew its stake in AppLovin by 82.8% in the first quarter. Amundi now owns 1,103,586 shares of the company’s stock worth $289,117,000 after purchasing an additional 499,820 shares during the period. National Pension Service raised its holdings in AppLovin by 82.2% in the second quarter. National Pension Service now owns 790,271 shares of the company’s stock worth $276,658,000 after purchasing an additional 356,443 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in AppLovin by 235.5% in the third quarter. Voya Investment Management LLC now owns 496,560 shares of the company’s stock worth $356,800,000 after purchasing an additional 348,548 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Arash Adam Foroughi sold 4,069 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the sale, the chief executive officer directly owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. This trade represents a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the sale, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 340,336 shares of company stock worth $200,062,623 in the last 90 days. 13.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of research reports. Piper Sandler boosted their target price on shares of AppLovin from $740.00 to $800.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Scotiabank boosted their price objective on shares of AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Benchmark upped their price objective on shares of AppLovin from $700.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Citigroup decreased their target price on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Finally, Bank of America boosted their price target on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Nineteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $695.90.

AppLovin Trading Down 2.2%

Shares of NASDAQ APP opened at $698.82 on Tuesday. The firm’s 50 day moving average price is $632.59 and its 200-day moving average price is $526.52. AppLovin Corporation has a 52-week low of $200.50 and a 52-week high of $745.61. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The company has a market cap of $236.17 billion, a PE ratio of 84.81, a P/E/G ratio of 3.83 and a beta of 2.51.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The firm’s quarterly revenue was up 68.2% compared to the same quarter last year. On average, equities research analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Company Profile

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.