Cornercap Investment Counsel Inc. Sells 4,385 Shares of AppLovin Co. (NASDAQ:APP)

Cornercap Investment Counsel Inc. cut its position in AppLovin Co. (NASDAQ:APP) by 26.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. HM Payson & Co. grew its holdings in AppLovin by 50.0% during the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Aptus Capital Advisors LLC raised its stake in shares of AppLovin by 0.3% during the third quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock worth $4,371,000 after acquiring an additional 104 shares in the last quarter. Ashton Thomas Securities LLC boosted its position in AppLovin by 2.6% during the third quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock valued at $626,000 after buying an additional 121 shares during the period. GAMMA Investing LLC boosted its holdings in AppLovin by 8.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock valued at $217,000 after acquiring an additional 126 shares during the period. Finally, American Trust grew its holdings in shares of AppLovin by 2.8% in the first quarter. American Trust now owns 5,550 shares of the company’s stock worth $384,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on APP shares. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their price target for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Benchmark reiterated a “sell” rating and set a $66.00 target price on shares of AppLovin in a report on Thursday, November 7th. Stifel Nicolaus increased their price objective on shares of AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wedbush reaffirmed an “outperform” rating and set a $270.00 price target (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, Wells Fargo & Company started coverage on AppLovin in a report on Monday, October 28th. They issued an “overweight” rating and a $200.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $194.31.

AppLovin Stock Performance

APP opened at $284.49 on Friday. The company has a fifty day moving average of $155.01 and a 200 day moving average of $107.06. AppLovin Co. has a fifty-two week low of $35.79 and a fifty-two week high of $302.55. The stock has a market capitalization of $95.09 billion, a price-to-earnings ratio of 86.21, a PEG ratio of 3.49 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

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

Insider Transactions at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction 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 trade represents a 5.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the company’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 sale, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The trade was a 12.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 235,542 shares of company stock worth $32,012,275. 14.69% of the stock is currently owned by 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.