Gulf International Bank UK Ltd Sells 3,282 Shares of AppLovin Corporation (NASDAQ:APP)

Gulf International Bank UK Ltd reduced its stake in shares of AppLovin Corporation (NASDAQ:APP) by 21.3% in the first quarter, Holdings Channel reports. The fund owned 12,155 shares of the company’s stock after selling 3,282 shares during the quarter. Gulf International Bank UK Ltd’s holdings in AppLovin were worth $3,220,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the 4th quarter valued at approximately $25,000. Atala Financial Inc bought a new position in shares of AppLovin during the 1st quarter valued at approximately $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin during the 1st quarter valued at approximately $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the 1st quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin during the 1st quarter valued at approximately $29,000. 41.85% of the stock is owned by institutional investors.

AppLovin Price Performance

APP stock opened at $446.40 on Thursday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a 50 day moving average of $370.02 and a 200-day moving average of $342.07. The firm has a market capitalization of $151.06 billion, a P/E ratio of 63.41, a price-to-earnings-growth ratio of 2.61 and a beta of 2.43. AppLovin Corporation has a 12 month low of $80.14 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin’s revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 earnings per share. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on APP. BTIG Research increased their target price on shares of AppLovin from $480.00 to $483.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. HSBC set a $436.00 price target on shares of AppLovin and gave the company a “buy” rating in a research report on Wednesday, April 23rd. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Thursday, June 26th. The Goldman Sachs Group boosted their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Finally, Morgan Stanley boosted their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average target price of $472.33.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the transaction, the chief executive officer directly owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 400,398 shares of company stock valued at $151,712,641 in the last 90 days. 13.66% of the stock is owned by company insiders.

AppLovin 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.