Comerica Bank Sells 17,984 Shares of AppLovin Co. (NASDAQ:APP)

Comerica Bank trimmed its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 11.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 140,835 shares of the company's stock after selling 17,984 shares during the quarter. Comerica Bank's holdings in AppLovin were worth $45,607,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Kapitalo Investimentos Ltda purchased a new stake in AppLovin during the fourth quarter valued at $46,000. Regal Partners Ltd bought a new stake in shares of AppLovin during the 4th quarter valued at about $810,000. Voleon Capital Management LP bought a new position in shares of AppLovin in the 4th quarter worth approximately $1,248,000. Utah Retirement Systems boosted its holdings in shares of AppLovin by 212.8% in the fourth quarter. Utah Retirement Systems now owns 44,100 shares of the company's stock worth $14,281,000 after buying an additional 30,000 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in AppLovin during the fourth quarter valued at approximately $4,535,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Trading Up 10.1 %

Shares of APP traded up $28.09 during midday trading on Friday, hitting $307.58. The stock had a trading volume of 6,984,084 shares, compared to its average volume of 5,944,323. The stock's 50 day moving average is $278.21 and its 200 day moving average is $303.70. The firm has a market cap of $104.56 billion, a PE ratio of 67.75, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, analysts forecast that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Herald Y. Chen sold 200,000 shares of the 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 completion of the transaction, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock worth $106,401,841 over the last quarter. Company insiders own 14.69% of the company's stock.

Wall Street Analysts Forecast Growth

APP has been the topic of several analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Monday, April 21st. Oppenheimer reiterated an "outperform" rating and set a $560.00 price objective on shares of AppLovin in a research note on Thursday, March 27th. Loop Capital reissued a "buy" rating and issued a $650.00 target price on shares of AppLovin in a report on Friday, March 28th. Arete Research set a $200.00 price target on shares of AppLovin in a report on Wednesday, March 5th. Finally, FBN Securities started coverage on shares of AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $415.15.

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.