AppLovin Co. (NASDAQ:APP) Shares Sold by Broad Bay Capital Management LP

Broad Bay Capital Management LP lowered its position in AppLovin Co. (NASDAQ:APP - Free Report) by 46.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,210 shares of the company's stock after selling 61,440 shares during the period. AppLovin makes up approximately 2.9% of Broad Bay Capital Management LP's investment portfolio, making the stock its 13th biggest holding. Broad Bay Capital Management LP's holdings in AppLovin were worth $23,384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its stake in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of AppLovin in the 4th quarter worth approximately $1,781,922,000. Geode Capital Management LLC boosted its stake in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after acquiring an additional 573,310 shares in the last quarter. Baillie Gifford & Co. grew its holdings in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after purchasing an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after purchasing an additional 1,222,074 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Down 0.4 %

AppLovin stock traded down $1.16 during midday trading on Wednesday, reaching $303.46. The company's stock had a trading volume of 11,561,906 shares, compared to its average volume of 5,990,039. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a market cap of $103.16 billion, a P/E ratio of 66.84, a P/E/G ratio of 3.02 and a beta of 2.39. The business has a 50-day simple moving average of $275.92 and a 200-day simple moving average of $308.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. During the same period in the previous year, the business posted $0.67 earnings per share. The business's revenue for the quarter was up 40.3% on a year-over-year basis. On average, research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed 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 shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on APP shares. FBN Securities started coverage on shares of AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective for the company. The Goldman Sachs Group decreased their price objective on shares of AppLovin from $500.00 to $335.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Piper Sandler cut their price target on AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Bank of America lifted their price target on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Finally, HSBC set a $436.00 price target on shares of AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $415.15.

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.