Gemmer Asset Management LLC Invests $8.92 Million in AppLovin Corporation $APP

Gemmer Asset Management LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 12,411 shares of the company’s stock, valued at approximately $8,918,000.

Other institutional investors have also added to or reduced their stakes in the company. Hilltop National Bank purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $26,000. LFA Lugano Financial Advisors SA bought a new stake in AppLovin in the second quarter worth $26,000. Twin Peaks Wealth Advisors LLC bought a new stake in AppLovin in the second quarter worth $33,000. Heartwood Wealth Advisors LLC purchased a new stake in AppLovin during the third quarter valued at $33,000. Finally, Hoey Investments Inc. bought a new position in AppLovin during the second quarter valued at $35,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 27,143 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the transaction, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 30,888 shares of AppLovin stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the sale, the chief executive officer owned 2,553,161 shares of the company’s stock, valued at $1,328,384,136.69. The trade was a 1.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 340,336 shares of company stock worth $200,062,623. Insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on APP. Citigroup reduced their target price on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a report on Wednesday, November 12th. BTIG Research reissued a “buy” rating and set a $771.00 price objective on shares of AppLovin in a research note on Wednesday, December 17th. Scotiabank raised their price objective on AppLovin from $575.00 to $750.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Morgan Stanley lifted their target price on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, Wells Fargo & Company increased their price target on AppLovin from $633.00 to $721.00 and gave the company an “overweight” rating in a report 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. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $695.90.

AppLovin Trading Down 0.3%

Shares of NASDAQ APP opened at $726.39 on Thursday. AppLovin Corporation has a fifty-two week low of $200.50 and a fifty-two week high of $745.61. 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 company has a market cap of $245.48 billion, a price-to-earnings ratio of 88.15, a PEG ratio of 3.91 and a beta of 2.51. The business’s 50 day moving average price is $625.22 and its 200-day moving average price is $518.59.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $1.29 EPS. AppLovin’s quarterly revenue was up 68.2% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.