Cornercap Investment Counsel Inc. Sells 3,552 Shares of AppLovin Co. (NASDAQ:APP)

Cornercap Investment Counsel Inc. lessened its stake in shares of AppLovin Co. (NASDAQ:APP) by 17.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,585 shares of the company’s stock after selling 3,552 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in AppLovin were worth $1,380,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of AppLovin by 9,470.1% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after purchasing an additional 248,022 shares during the period. Gulf International Bank UK Ltd acquired a new position in shares of AppLovin during the first quarter worth $1,131,000. Acadian Asset Management LLC lifted its holdings in shares of AppLovin by 2,081.4% during the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after purchasing an additional 15,590 shares during the period. Janney Montgomery Scott LLC lifted its holdings in AppLovin by 167.0% in the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after buying an additional 10,099 shares during the period. Finally, Park Avenue Securities LLC acquired a new position in AppLovin in the second quarter valued at $1,195,000. Institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $86.04, for a total value of $473,220.00. Following the completion of the sale, the chief technology officer now directly owns 4,536,447 shares of the company’s stock, valued at approximately $390,315,899.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 775,934 shares of company stock valued at $65,805,022. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the topic of several recent analyst reports. Benchmark boosted their target price on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Wedbush dropped their target price on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group boosted their target price on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday. Oppenheimer restated an “outperform” rating and issued a $105.00 target price (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Finally, Bank of America boosted their target price on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $87.94.

AppLovin Trading Up 8.2 %

NASDAQ:APP opened at $105.61 on Friday. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a 50-day moving average of $83.57 and a 200-day moving average of $77.74. The company has a market cap of $34.75 billion, a PE ratio of 62.86, a PEG ratio of 1.22 and a beta of 1.88. AppLovin Co. has a one year low of $34.45 and a one year high of $106.45.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. As a group, equities research analysts expect that AppLovin Co. will post 3.48 EPS for the current fiscal year.

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.