Algert Global LLC Trims Stock Position in AppLovin Co. (NASDAQ:APP)

Algert Global LLC lowered its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 63.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,536 shares of the company's stock after selling 25,329 shares during the quarter. Algert Global LLC's holdings in AppLovin were worth $4,707,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of APP. FMR LLC grew its holdings in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of AppLovin in the fourth quarter valued at about $1,781,922,000. Baillie Gifford & Co. lifted its position in shares of AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares in the last quarter. Norges Bank purchased a new position in AppLovin during the fourth quarter worth about $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its position in AppLovin by 457.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. FBN Securities started coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 target price on the stock. HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Arete Research set a $200.00 target price on AppLovin in a research report on Wednesday, March 5th. UBS Group boosted their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $270.00 to $355.00 and gave the stock a "neutral" rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $433.85.

AppLovin Price Performance

NASDAQ:APP traded down $10.72 during trading hours on Friday, hitting $328.79. 7,749,047 shares of the company's stock traded hands, compared to its average volume of 5,996,936. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The business's fifty day simple moving average is $275.55 and its two-hundred day simple moving average is $311.59. 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 firm has a market cap of $111.77 billion, a P/E ratio of 72.42, a P/E/G ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. AppLovin's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 earnings per share. On average, research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the transaction, the director now directly owns 621,209 shares of the company's stock, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock valued at $106,401,841 over the last 90 days. Insiders own 14.69% of the company's stock.

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.