Thurston Springer Miller Herd & Titak Inc. Lowers Stock Position in AppLovin Corporation $APP

Thurston Springer Miller Herd & Titak Inc. reduced its position in shares of AppLovin Corporation (NASDAQ:APP) by 92.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 115 shares of the company’s stock after selling 1,398 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in AppLovin were worth $83,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Heartwood Wealth Advisors LLC acquired a new stake in shares of AppLovin in the third quarter valued at about $33,000. Hilltop National Bank acquired a new position in shares of AppLovin during the 2nd quarter worth about $26,000. LFA Lugano Financial Advisors SA purchased a new position in AppLovin in the 2nd quarter valued at about $26,000. Grove Bank & Trust acquired a new stake in AppLovin in the 3rd quarter worth about $58,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in AppLovin during the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on APP. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of AppLovin in a research note on Monday. Benchmark lifted their target price on shares of AppLovin from $700.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. BTIG Research reiterated a “buy” rating and issued a $771.00 target price on shares of AppLovin in a research report on Wednesday. Citigroup decreased their price target on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Finally, Wells Fargo & Company upped their price objective on shares of AppLovin from $633.00 to $721.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Nineteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $695.90.

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 150 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $693.32, for a total value of $103,998.00. Following the sale, the director directly owned 2,829 shares in the company, valued at $1,961,402.28. This trade represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 4,069 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $497.50, for a total value of $2,024,327.50. Following the sale, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at approximately $1,491,976,630. The trade was a 0.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 332,727 shares of company stock valued at $195,062,520 over the last quarter. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

Shares of APP stock opened at $657.13 on Thursday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The firm has a market cap of $222.08 billion, a P/E ratio of 79.75, a P/E/G ratio of 3.64 and a beta of 2.51. The firm’s 50 day moving average price is $612.19 and its 200-day moving average price is $507.71. AppLovin Corporation has a one year low of $200.50 and a one year high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.11. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.AppLovin’s revenue was up 68.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.29 EPS. As a group, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

AppLovin Company 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.