BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 16.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 39,818 shares of the company's stock after purchasing an additional 5,734 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in AppLovin were worth $12,894,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. FMR LLC boosted its position in AppLovin by 75.5% during 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 in the last quarter. SVB Wealth LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at about $1,781,922,000. Baillie Gifford & Co. boosted its holdings in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Norges Bank purchased a new position in shares of AppLovin in the 4th quarter worth approximately $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of 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 buying an additional 2,373,885 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on APP shares. Oppenheimer reissued an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. Piper Sandler increased their price objective on AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Morgan Stanley boosted their target price on AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Monday, April 21st. One 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $433.85.
Check Out Our Latest Stock Report on AppLovin
Insider Buying and Selling
In related news, CEO Arash Adam Foroughi sold 56,300 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $363.64, for a total value of $20,472,932.00. Following the completion of the transaction, the chief executive officer now directly owns 2,860,363 shares in the company, valued at $1,040,142,401.32. The trade was a 1.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the firm's stock in a transaction 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 sale, the chief technology officer now owns 88,389 shares in the company, valued at approximately $21,359,201.85. This represents a 16.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,233,254 shares of company stock valued at $446,927,149 over the last ninety days. Company insiders own 14.69% of the company's stock.
AppLovin Stock Performance
APP traded up $14.89 during trading on Tuesday, reaching $369.18. 2,514,237 shares of the company's stock were exchanged, compared to its average volume of 6,042,539. The company's fifty day simple moving average is $293.78 and its 200-day simple moving average is $326.23. The stock has a market capitalization of $124.93 billion, a P/E ratio of 81.36, 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 posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm's quarterly revenue was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 earnings per share. As a group, research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.
About AppLovin
(
Free Report)
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.
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