Livforsakringsbolaget Skandia Omsesidigt Sells 4,400 Shares of AppLovin Co. (NASDAQ:APP)

Livforsakringsbolaget Skandia Omsesidigt trimmed its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 73.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,600 shares of the company's stock after selling 4,400 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in AppLovin were worth $423,000 at the end of the most recent quarter.

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

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 171,420 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the transaction, the director now directly owns 221,209 shares in the company, valued at approximately $82,681,287.93. This represents a 43.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig Scott Billings sold 12,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the transaction, the director now directly owns 2,987 shares in the company, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,211,468 shares of company stock worth $454,489,290 over the last three months. 14.69% of the stock is owned by insiders.

AppLovin Price Performance

NASDAQ:APP traded down $0.18 during trading hours on Wednesday, hitting $383.43. 3,594,179 shares of the company's stock traded hands, compared to its average volume of 6,119,237. 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 $315.46 and its two-hundred day simple moving average is $333.14. 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 $129.75 billion, a P/E ratio of 84.46, a P/E/G ratio of 3.02 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating 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 firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter last year, the firm posted $0.67 EPS. The company's revenue was up 40.3% compared to the same quarter last year. On average, research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent research reports. Piper Sandler raised their target price on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research note on Wednesday, May 28th. Morgan Stanley increased their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, The Goldman Sachs Group lifted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus target price of $438.10.

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.