8,000 Shares in AppLovin Co. (NASDAQ:APP) Acquired by Morgens Waterfall Vintiadis & Co. Inc.

Morgens Waterfall Vintiadis & Co. Inc. purchased a new stake in AppLovin Co. (NASDAQ:APP - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,000 shares of the company's stock, valued at approximately $2,591,000. AppLovin accounts for 2.0% of Morgens Waterfall Vintiadis & Co. Inc.'s portfolio, making the stock its 20th largest holding.

Other large investors have also recently bought and sold shares of the company. FMR LLC raised its position in AppLovin by 75.5% in the 4th 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 last quarter. SVB Wealth LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at $1,781,922,000. Baillie Gifford & Co. raised its holdings in shares of 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 buying an additional 4,010,520 shares during the last quarter. Norges Bank acquired a new position in AppLovin during the 4th quarter worth about $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after acquiring an additional 2,373,885 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APP. Morgan Stanley boosted their target price on shares of AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Monday, April 21st. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Citigroup increased their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Finally, HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $433.85.

AppLovin Stock Down 1.2%

NASDAQ APP traded down $4.27 on Friday, reaching $362.34. The company had a trading volume of 4,689,782 shares, compared to its average volume of 6,032,635. The company's fifty day moving average is $285.14 and its 200-day moving average is $318.48. The firm has a market capitalization of $123.18 billion, a price-to-earnings ratio of 79.81, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. 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 1-year low of $60.67 and a 1-year high of $525.15.

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

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the sale, the chief executive officer now owns 2,914,492 shares of the company's stock, valued at approximately $1,230,527,667.32. The trade was a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 570 shares of the 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 transaction, the director now directly owns 6,231 shares of the company's stock, 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. Insiders sold 1,119,470 shares of company stock valued at $409,752,180 in the last ninety days. 14.69% of the stock is currently owned by corporate insiders.

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.