CoreCap Advisors LLC Has $613,000 Position in AppLovin Co. (NASDAQ:APP)

CoreCap Advisors LLC trimmed its position in shares of AppLovin Co. (NASDAQ:APP) by 32.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,893 shares of the company’s stock after selling 891 shares during the period. CoreCap Advisors LLC’s holdings in AppLovin were worth $613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Castle Hook Partners LP bought a new position in AppLovin during the fourth quarter worth $205,192,000. BOKF NA grew its holdings in AppLovin by 22.3% during the 4th quarter. BOKF NA now owns 9,223 shares of the company’s stock worth $2,937,000 after acquiring an additional 1,680 shares during the period. Brevan Howard Capital Management LP bought a new position in shares of AppLovin in the 4th quarter worth about $12,824,000. BW Gestao de Investimentos Ltda. acquired a new position in shares of AppLovin in the 4th quarter valued at about $6,153,000. Finally, Beck Bode LLC bought a new stake in shares of AppLovin during the 4th quarter valued at about $6,086,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $328.79 on Friday. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm’s fifty day moving average price is $275.55 and its 200-day moving average price is $310.54. The stock has a market cap of $111.77 billion, a P/E ratio of 72.42, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company’s revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.67 EPS. On average, equities research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Oppenheimer reissued an “outperform” rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research note on Thursday. Bank of America increased their price objective on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Citigroup upped their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Jefferies Financial Group raised their price target on shares of AppLovin from $460.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Morgan Stanley upped their target price on shares of AppLovin from $350.00 to $420.00 and gave the stock an “overweight” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $433.85.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock worth $106,401,841 over the last ninety days. Insiders own 14.69% of the company’s stock.

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.