Cornercap Investment Counsel Inc. Trims Stock Position in AppLovin Co. (NASDAQ:APP)

Cornercap Investment Counsel Inc. lowered its position in AppLovin Co. (NASDAQ:APP) by 26.4% in the third quarter, HoldingsChannel reports. The fund owned 12,200 shares of the company’s stock after selling 4,385 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in AppLovin were worth $1,593,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc grew its position in shares of AppLovin by 3.6% in the third quarter. CIBC Asset Management Inc now owns 7,777 shares of the company’s stock valued at $1,015,000 after purchasing an additional 267 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in shares of AppLovin during the third quarter worth about $336,000. Balboa Wealth Partners grew its stake in shares of AppLovin by 21.4% in the third quarter. Balboa Wealth Partners now owns 16,818 shares of the company’s stock worth $2,196,000 after acquiring an additional 2,959 shares in the last quarter. Metis Global Partners LLC acquired a new position in shares of AppLovin during the third quarter worth about $341,000. Finally, KBC Group NV lifted its position in shares of AppLovin by 35.1% during the 3rd quarter. KBC Group NV now owns 728,016 shares of the company’s stock worth $95,042,000 after purchasing an additional 189,313 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the transaction, the chief technology officer now owns 4,530,455 shares in the company, valued at $381,192,483.70. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This trade represents a 12.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 235,542 shares of company stock worth $32,012,275 over the last quarter. 14.69% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on APP shares. Macquarie upped their price target on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Bank of America raised their price target on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Loop Capital boosted their price objective on AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research note on Monday. Benchmark restated a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research note on Thursday, November 7th. Finally, Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $194.31.

AppLovin Stock Up 0.2 %

APP stock opened at $284.49 on Friday. AppLovin Co. has a 12 month low of $35.79 and a 12 month high of $302.55. The firm has a market capitalization of $95.09 billion, a PE ratio of 86.21, a P/E/G ratio of 3.49 and a beta of 1.86. The company’s 50 day simple moving average is $155.01 and its 200-day simple moving average is $107.06. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

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

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.