6,696 Shares in AppLovin Co. (NASDAQ:APP) Acquired by Concentric Capital Strategies LP

Concentric Capital Strategies LP purchased a new stake in AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,696 shares of the company's stock, valued at approximately $2,168,000.

A number of other large investors have also modified their holdings of APP. JFS Wealth Advisors LLC raised its holdings in shares of AppLovin by 38.2% in the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. HighPoint Advisor Group LLC lifted its holdings in AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after buying an additional 31 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after acquiring an additional 33 shares in the last quarter. Forum Financial Management LP increased its holdings in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC raised its position in shares of AppLovin by 0.7% during the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Oppenheimer reiterated an "outperform" rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research note on Thursday. Jefferies Financial Group increased their target price on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research report on Thursday. FBN Securities assumed 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. Piper Sandler boosted their target price on AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on AppLovin from $270.00 to $355.00 and gave the company a "neutral" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $433.85.

AppLovin Price Performance

Shares of NASDAQ APP traded down $10.72 during midday trading on Friday, hitting $328.79. The company had a trading volume of 7,749,047 shares, compared to its average volume of 5,992,584. The firm has a market capitalization of $111.77 billion, a price-to-earnings ratio of 72.42, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The business has a 50-day simple moving average of $275.55 and a two-hundred day simple moving average of $310.54. 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 (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company earned $0.67 EPS. The company's quarterly revenue was up 40.3% on a year-over-year basis. Equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity

In related news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction dated Friday, February 28th. The stock was 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 approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the company's 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 completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 over the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

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.