Cornercap Investment Counsel Inc. Sells 9,110 Shares of AppLovin Co. (NASDAQ:APP)

Cornercap Investment Counsel Inc. lessened its position in shares of AppLovin Co. (NASDAQ:APP) by 74.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,090 shares of the company’s stock after selling 9,110 shares during the period. Cornercap Investment Counsel Inc.’s holdings in AppLovin were worth $1,001,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in APP. GHP Investment Advisors Inc. acquired a new position in shares of AppLovin in the fourth quarter valued at about $25,000. Riverview Trust Co boosted its stake in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after buying an additional 82 shares during the period. Hemington Wealth Management increased its stake in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after acquiring an additional 40 shares during the period. Fifth Third Bancorp lifted its position in shares of AppLovin by 172.2% during the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after acquiring an additional 62 shares during the period. Finally, Smithfield Trust Co bought a new stake in AppLovin during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $272.38 on Friday. The firm has a fifty day simple moving average of $351.86 and a 200 day simple moving average of $281.71. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $92.60 billion, a PE ratio of 60.00, a P/E/G ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, sell-side analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on APP. FBN Securities initiated coverage on shares of AppLovin in a research report on Friday. They issued an “outperform” rating and a $385.00 target price for the company. Jefferies Financial Group raised their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Piper Sandler boosted their price target on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. The Goldman Sachs Group raised their price objective on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Finally, Citigroup increased their target price on shares of AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $435.47.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the transaction, the chief executive officer now owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock worth $106,401,841 in the last quarter. Company insiders own 14.69% of the company’s stock.

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.