AppLovin Co. (NASDAQ:APP) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its position in shares of AppLovin Co. (NASDAQ:APP) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,055 shares of the company’s stock after selling 1,060 shares during the period. Oppenheimer & Co. Inc.’s holdings in AppLovin were worth $3,271,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Fred Alger Management LLC purchased a new stake in shares of AppLovin during the second quarter worth approximately $290,655,000. Whale Rock Capital Management LLC acquired a new stake in AppLovin during the 1st quarter worth $195,129,000. Jericho Capital Asset Management L.P. grew its holdings in shares of AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares in the last quarter. 1832 Asset Management L.P. raised its position in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after buying an additional 1,357,400 shares during the last quarter. Finally, WCM Investment Management LLC lifted its stake in shares of AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $291.09 on Friday. The stock has a market capitalization of $97.30 billion, a P/E ratio of 88.21, a PEG ratio of 3.49 and a beta of 1.86. 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 Co. has a fifty-two week low of $35.79 and a fifty-two week high of $302.55. The company has a 50 day moving average price of $159.14 and a 200 day moving average price of $108.57.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s quarterly revenue was up 38.6% on a year-over-year basis. During the same period last year, the business posted $0.30 earnings per share. Equities research analysts forecast that AppLovin Co. will post 4.06 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 154,500 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total value of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares in the company, valued at $381,192,483.70. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 235,542 shares of company stock valued at $32,012,275 in the last three months. 14.69% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Wedbush reaffirmed an “outperform” rating and issued a $270.00 price target (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Oppenheimer lifted their price objective on AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Stifel Nicolaus raised their target price on AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Bank of America boosted their price target on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $194.31.

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.