Cookson Peirce & Co. Inc. Sells 1,473 Shares of AppLovin Corporation (NASDAQ:APP)

Cookson Peirce & Co. Inc. reduced its position in AppLovin Corporation (NASDAQ:APP) by 17.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,081 shares of the company’s stock after selling 1,473 shares during the quarter. Cookson Peirce & Co. Inc.’s holdings in AppLovin were worth $1,876,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Oak Ridge Investments LLC boosted its position in shares of AppLovin by 11.1% in the first quarter. Oak Ridge Investments LLC now owns 19,807 shares of the company’s stock valued at $5,248,000 after acquiring an additional 1,982 shares during the period. OneAscent Investment Solutions LLC bought a new position in shares of AppLovin in the first quarter valued at approximately $343,000. Vestmark Advisory Solutions Inc. boosted its position in shares of AppLovin by 314.5% in the first quarter. Vestmark Advisory Solutions Inc. now owns 7,042 shares of the company’s stock valued at $1,866,000 after acquiring an additional 5,343 shares during the period. E Fund Management Co. Ltd. boosted its position in shares of AppLovin by 204.0% in the first quarter. E Fund Management Co. Ltd. now owns 11,340 shares of the company’s stock valued at $3,005,000 after acquiring an additional 7,610 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in shares of AppLovin by 3.6% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,647 shares of the company’s stock valued at $1,761,000 after acquiring an additional 232 shares during the period. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Down 4.4%

Shares of NASDAQ APP opened at $446.40 on Thursday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52 week low of $80.14 and a 52 week high of $525.15. The firm’s fifty day moving average is $370.02 and its 200 day moving average is $342.07. The company has a market cap of $151.06 billion, a price-to-earnings ratio of 63.41, a PEG ratio of 2.61 and a beta of 2.43.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.89 earnings per share. The firm’s revenue for the quarter was up 77.1% on a year-over-year basis. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on APP. Oppenheimer reaffirmed an “outperform” rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Morgan Stanley raised their target price on shares of AppLovin from $460.00 to $480.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Scotiabank raised their target price on shares of AppLovin from $430.00 to $450.00 and gave the company a “sector outperform” rating in a research note on Thursday, August 7th. UBS Group raised their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $620.00 target price on shares of AppLovin in a research note 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 stock. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $472.33.

Insider Buying and Selling

In other news, CFO Matthew Stumpf sold 9,714 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the sale, the chief financial officer owned 192,421 shares in the company, valued at approximately $81,394,083. The trade was a 4.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of AppLovin stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,760,363 shares of the company’s stock, valued at approximately $1,014,461,006.13. This represents a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 400,398 shares of company stock valued at $151,712,641 over the last quarter. Company insiders own 13.66% of the company’s stock.

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.