Woodline Partners LP Acquires Shares of 846 AppLovin Co. (NASDAQ:APP)

Woodline Partners LP acquired a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 846 shares of the company's stock, valued at approximately $274,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. FMR LLC boosted its stake in shares of 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 during the period. SVB Wealth LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at $1,781,922,000. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 5,421.4% during 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 period. Norges Bank purchased a new stake in shares of AppLovin during the fourth quarter valued at $828,138,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,115,754 shares of company stock worth $411,165,970. Corporate insiders own 14.69% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on APP shares. Wells Fargo & Company boosted their target price on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. HSBC set a $436.00 target price on shares of AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Oppenheimer reissued an "outperform" rating and set a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $270.00 to $355.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $433.85.

AppLovin Stock Performance

NASDAQ APP traded down $3.35 during trading hours on Friday, reaching $380.88. The stock had a trading volume of 7,834,410 shares, compared to its average volume of 6,089,088. The stock has a fifty day moving average of $298.37 and a 200 day moving average of $328.66. The stock has a market cap of $128.88 billion, a P/E ratio of 83.89, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. 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 (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Sell-side analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

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.