Seven Grand Managers LLC Cuts Stake in AppLovin Co. (NASDAQ:APP)

Seven Grand Managers LLC cut its holdings in AppLovin Co. (NASDAQ:APP) by 37.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,000 shares of the company’s stock after selling 75,000 shares during the period. AppLovin makes up 3.7% of Seven Grand Managers LLC’s investment portfolio, making the stock its 7th biggest holding. Seven Grand Managers LLC’s holdings in AppLovin were worth $16,319,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Quest Partners LLC acquired a new stake in shares of AppLovin in the second quarter worth $33,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of AppLovin in the second quarter valued at about $34,000. Covestor Ltd lifted its position in shares of AppLovin by 85.8% during the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after purchasing an additional 236 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in AppLovin during the 2nd quarter valued at approximately $37,000. Finally, Atlas Capital Advisors LLC acquired a new stake in AppLovin in the 1st quarter valued at approximately $38,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Up 0.7 %

Shares of NASDAQ:APP opened at $144.85 on Thursday. The company has a market capitalization of $47.66 billion, a PE ratio of 86.22, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company’s fifty day moving average is $109.31 and its 200-day moving average is $89.23. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $148.48.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the firm earned $0.22 earnings per share. The company’s quarterly revenue was up 44.0% compared to the same quarter last year. Equities research analysts predict that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on APP shares. Jefferies Financial Group upped their price target on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Macquarie reissued an “outperform” rating and issued a $150.00 price target (up from $115.00) on shares of AppLovin in a report on Wednesday, September 25th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Oppenheimer reissued an “outperform” rating and set a $105.00 target price (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Finally, Wedbush cut their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.01.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 14,166 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the sale, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares of the company’s stock, valued at $900,711.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 610,094 shares of company stock valued at $51,022,478. 14.69% of the stock is currently owned by corporate insiders.

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.