TB Alternative Assets Ltd. Takes $1.70 Million Position in AppLovin Co. (NASDAQ:APP)

TB Alternative Assets Ltd. acquired a new stake in AppLovin Co. (NASDAQ:APP - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,418 shares of the company's stock, valued at approximately $1,701,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the 4th quarter worth $25,000. GHP Investment Advisors Inc. acquired a new stake in AppLovin during the 4th quarter worth $25,000. Riverview Trust Co raised its stake in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Tucker Asset Management LLC acquired a new stake in AppLovin during the 4th quarter worth $28,000. Finally, Hemington Wealth Management raised its stake in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after acquiring an additional 40 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Up 0.9%

Shares of NASDAQ:APP opened at $417.89 on Friday. The company has a market cap of $141.41 billion, a price-to-earnings ratio of 92.05, a PEG ratio of 3.02 and a beta of 2.53. The firm's 50-day simple moving average is $311.16 and its 200-day simple moving average is $332.34. 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.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for 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 revenue was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 earnings per share. As a group, equities research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HSBC set a $436.00 price target on shares of AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company raised their price objective on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Oppenheimer reissued an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Morgan Stanley raised their price objective on shares of AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $436.10.

Insider Buying and Selling

In related news, Director Herald Y. Chen sold 400,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the sale, the director now owns 221,209 shares of the company's stock, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew Stumpf sold 9,714 shares of AppLovin stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the transaction, the chief financial officer now owns 192,421 shares of the company's stock, valued at approximately $81,394,083. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,228,968 shares of company stock valued at $458,718,165. Corporate insiders own 14.69% of the company's stock.

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.

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