AppLovin Co. (NASDAQ:APP) Shares Sold by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. lowered its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 49.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 88,200 shares of the company's stock after selling 86,200 shares during the period. Polar Asset Management Partners Inc.'s holdings in AppLovin were worth $28,562,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin during the fourth quarter worth $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in AppLovin during the 4th quarter worth about $25,000. Riverview Trust Co boosted its holdings in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after acquiring an additional 82 shares during the period. Tucker Asset Management LLC acquired a new position in AppLovin in the 4th quarter valued at about $28,000. Finally, Hemington Wealth Management grew its position in AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of APP stock traded up $26.62 during mid-day trading on Tuesday, hitting $380.91. 7,674,411 shares of the stock were exchanged, compared to its average volume of 6,062,350. The stock's fifty day simple moving average is $293.78 and its two-hundred day simple moving average is $326.23. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The stock has a market capitalization of $128.89 billion, a price-to-earnings ratio of 83.90, a P/E/G ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last announced 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 firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business's revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.67 EPS. On average, analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In other news, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director now directly owns 221,209 shares of the company's stock, valued at approximately $82,867,103.49. This represents a 64.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 570 shares of AppLovin stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $371.12, for a total value of $211,538.40. Following the completion of the transaction, the director now owns 6,231 shares in the company, valued at $2,312,448.72. This trade represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,233,254 shares of company stock valued at $446,927,149. 14.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. FBN Securities began coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective on the stock. Piper Sandler increased their price target on AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Morgan Stanley lifted their price objective on AppLovin from $350.00 to $420.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. Finally, UBS Group raised their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $433.85.

AppLovin 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.