Frontier Capital Management Co. LLC Purchases Shares of 363,178 AppLovin Co. (NASDAQ:APP)

Frontier Capital Management Co. LLC acquired a new position in AppLovin Co. (NASDAQ:APP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 363,178 shares of the company's stock, valued at approximately $117,608,000. AppLovin comprises about 1.1% of Frontier Capital Management Co. LLC's holdings, making the stock its 12th largest holding. Frontier Capital Management Co. LLC owned approximately 0.11% of AppLovin as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Barclays PLC boosted its holdings in AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock worth $41,643,000 after acquiring an additional 153,248 shares in the last quarter. Nordea Investment Management AB raised its position in shares of AppLovin by 58.1% in the 4th quarter. Nordea Investment Management AB now owns 138,619 shares of the company's stock valued at $44,901,000 after purchasing an additional 50,928 shares during the last quarter. Diversified Trust Co boosted its stake in AppLovin by 27.1% in the 4th quarter. Diversified Trust Co now owns 5,034 shares of the company's stock worth $1,630,000 after purchasing an additional 1,072 shares in the last quarter. Fulton Bank N.A. grew its position in AppLovin by 12.1% during the 4th quarter. Fulton Bank N.A. now owns 8,429 shares of the company's stock worth $2,730,000 after purchasing an additional 908 shares during the last quarter. Finally, Chicago Capital LLC acquired a new position in AppLovin during the 4th quarter valued at approximately $323,000. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling

In other news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company's stock, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on APP shares. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Monday, April 21st. Citigroup boosted their price target on AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. The Goldman Sachs Group reduced their price objective on AppLovin from $500.00 to $335.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Piper Sandler decreased their target price on AppLovin from $575.00 to $425.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, Benchmark increased their price target on shares of AppLovin from $375.00 to $525.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. One 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $415.15.

AppLovin Trading Down 0.4 %

Shares of APP stock opened at $303.46 on Thursday. The stock has a 50 day simple moving average of $275.48 and a 200-day simple moving average of $308.12. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a market cap of $103.16 billion, a price-to-earnings ratio of 66.84, a PEG 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 (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate 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 firm's revenue for the quarter was up 40.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 earnings per share. On average, equities research analysts expect that AppLovin Co. will post 6.87 EPS for the current fiscal year.

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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