Altshuler Shaham Ltd Sells 13,721 Shares of AppLovin Co. (NASDAQ:APP)

Altshuler Shaham Ltd lowered its stake in shares of AppLovin Co. (NASDAQ:APP) by 67.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,754 shares of the company’s stock after selling 13,721 shares during the period. Altshuler Shaham Ltd’s holdings in AppLovin were worth $2,187,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Oxinas Partners Wealth Management LLC purchased a new position in AppLovin in the fourth quarter worth about $1,081,000. Virtu Financial LLC bought a new position in shares of AppLovin in the 3rd quarter worth approximately $3,211,000. Franchise Capital Ltd purchased a new position in shares of AppLovin in the fourth quarter worth approximately $2,811,000. Barclays PLC grew its position in AppLovin by 92.5% during the third quarter. Barclays PLC now owns 318,992 shares of the company’s stock valued at $41,643,000 after buying an additional 153,248 shares during the period. Finally, Tcfg Wealth Management LLC purchased a new stake in AppLovin during the fourth quarter valued at approximately $369,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

APP stock opened at $229.81 on Thursday. The company has a market capitalization of $78.13 billion, a PE ratio of 50.62, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company’s fifty day moving average price is $318.93 and its 200-day moving average price is $294.53. AppLovin Co. has a one year low of $60.67 and a one year high of $525.15. 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 results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, equities analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares of the company’s stock, valued at $201,675,501.85. This trade represents a 24.35 % 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 17,500 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on APP. Bank of America lifted their price target on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Piper Sandler lowered their target price on AppLovin from $575.00 to $425.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Jefferies Financial Group boosted their price target on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $560.00 price objective on shares of AppLovin in a research note on Thursday, March 27th. Finally, Wells Fargo & Company cut their price objective on AppLovin from $538.00 to $386.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $424.84.

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.