Garden State Investment Advisory Services LLC Reduces Holdings in AppLovin Co. (NASDAQ:APP)

Garden State Investment Advisory Services LLC lessened its position in shares of AppLovin Co. (NASDAQ:APP) by 8.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,929 shares of the company’s stock after selling 283 shares during the quarter. Garden State Investment Advisory Services LLC’s holdings in AppLovin were worth $382,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new stake in shares of AppLovin during the third quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $27,000. DT Investment Partners LLC acquired a new stake in AppLovin in the 3rd quarter valued at approximately $27,000. Raleigh Capital Management Inc. purchased a new stake in AppLovin in the third quarter valued at approximately $29,000. Finally, HM Payson & Co. lifted its stake in AppLovin by 50.0% during the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Down 0.5 %

Shares of NASDAQ:APP opened at $324.47 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock has a market cap of $108.89 billion, a P/E ratio of 98.32, a P/E/G ratio of 4.17 and a beta of 2.28. AppLovin Co. has a 1-year low of $37.40 and a 1-year high of $417.64. The firm has a fifty day moving average price of $246.00 and a 200 day moving average price of $144.37.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business’s revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. Sell-side analysts predict that AppLovin Co. will post 4.06 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on APP. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Benchmark reissued a “sell” rating and set a $66.00 price target on shares of AppLovin in a research report on Thursday, November 7th. Citigroup lifted their price objective on shares of AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company increased their target price on shares of AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the sale, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the transaction, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 872,896 shares of company stock valued at $279,773,021. 14.69% of the stock is owned by company 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.