PDT Partners LLC Makes New $4.54 Million Investment in AppLovin Co. (NASDAQ:APP)

PDT Partners LLC purchased a new position in AppLovin Co. (NASDAQ:APP - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,004 shares of the company's stock, valued at approximately $4,535,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC grew its position in shares of AppLovin by 75.5% in 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 in the last quarter. SVB Wealth LLC purchased a new stake in AppLovin in the fourth quarter worth $1,781,922,000. Baillie Gifford & Co. lifted its stake in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the period. Norges Bank purchased a new position in AppLovin during the fourth quarter valued at $828,138,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in 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 buying an additional 2,373,885 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on APP. Jefferies Financial Group raised their price objective on AppLovin from $400.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Arete Research set a $200.00 price target on AppLovin in a report on Wednesday, March 5th. Loop Capital restated a "buy" rating and set a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. Bank of America raised their price target on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, FBN Securities began coverage on AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $415.15.

AppLovin Stock Performance

NASDAQ APP traded down $19.57 on Wednesday, reaching $269.31. The stock had a trading volume of 9,246,892 shares, compared to its average volume of 5,912,743. The stock has a market cap of $91.55 billion, a P/E ratio of 59.32, 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. The business's 50-day moving average price is $280.83 and its 200 day moving average price is $302.78. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the sale, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock valued at $106,401,841 in the last ninety days. Corporate insiders own 14.69% of the company's stock.

About AppLovin

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.