AppLovin Co. (NASDAQ:APP) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 83.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,810 shares of the company's stock after selling 133,989 shares during the period. Thrivent Financial for Lutherans' holdings in AppLovin were worth $3,370,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. WCM Investment Management LLC raised its position in AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company's stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of AppLovin by 10.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company's stock worth $3,440,000 after buying an additional 2,385 shares during the period. Smithbridge Asset Management Inc. DE acquired a new stake in AppLovin in the 3rd quarter valued at $7,086,000. Clearbridge Investments LLC grew its position in AppLovin by 73.0% in the second quarter. Clearbridge Investments LLC now owns 893,344 shares of the company's stock valued at $74,344,000 after acquiring an additional 376,835 shares during the period. Finally, Sei Investments Co. raised its stake in AppLovin by 77.0% during the second quarter. Sei Investments Co. now owns 515,665 shares of the company's stock worth $42,914,000 after acquiring an additional 224,306 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Activity

In other AppLovin news, CFO Matthew Stumpf sold 21,101 shares of AppLovin stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the sale, the chief financial officer now directly owns 213,336 shares of the company's stock, valued at $70,970,487.12. The trade was a 9.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Vasily Shikin sold 154,500 shares of the firm's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total value of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares in the company, valued at $381,192,483.70. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,065 shares of company stock worth $233,072,408 in the last quarter. Corporate insiders own 14.69% of the company's stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent analyst reports. Macquarie increased their target price on shares of AppLovin from $150.00 to $270.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. The Goldman Sachs Group cut shares of AppLovin from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. Benchmark restated a "sell" rating and set a $66.00 price target on shares of AppLovin in a report on Thursday, November 7th. Daiwa Capital Markets upgraded shares of AppLovin from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on shares of AppLovin from $250.00 to $360.00 and gave the company an "overweight" rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $265.57.

AppLovin Trading Up 3.2 %

APP traded up $10.18 during trading on Tuesday, hitting $329.77. 4,347,495 shares of the stock were exchanged, compared to its average volume of 4,463,909. The firm has a market cap of $110.67 billion, a price-to-earnings ratio of 96.85, a P/E/G ratio of 4.11 and a beta of 1.86. AppLovin Co. has a 1 year low of $35.79 and a 1 year high of $344.77. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a 50 day simple moving average of $185.37 and a 200 day simple moving average of $119.37.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business earned $0.30 earnings per share. The firm's revenue was up 38.6% on a year-over-year basis. As a group, equities analysts expect that AppLovin Co. will post 4.05 EPS for the current year.

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.