Rafferty Asset Management LLC Acquires Shares of 37,689 AppLovin Co. (NASDAQ:APP)

Rafferty Asset Management LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 37,689 shares of the company's stock, valued at approximately $12,205,000.

Several other institutional investors have also recently made changes to their positions in the stock. Oxinas Partners Wealth Management LLC purchased a new position in AppLovin during the 4th quarter worth $1,081,000. Barclays PLC lifted its stake in AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock valued at $41,643,000 after purchasing an additional 153,248 shares during the last quarter. Tcfg Wealth Management LLC purchased a new stake in AppLovin in the fourth quarter worth $369,000. Caprock Group LLC lifted its holdings in AppLovin by 42.2% during the fourth quarter. Caprock Group LLC now owns 42,146 shares of the company's stock valued at $13,648,000 after purchasing an additional 12,500 shares during the last quarter. Finally, Aaron Wealth Advisors LLC bought a new stake in AppLovin during the 4th quarter valued at $382,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Up 2.3%

Shares of APP traded up $8.29 during mid-day trading on Monday, reaching $370.63. The company had a trading volume of 6,216,267 shares, compared to its average volume of 6,033,399. The firm has a 50-day moving average price of $285.14 and a 200 day moving average price of $319.52. The company has a market capitalization of $126.00 billion, a price-to-earnings ratio of 81.64, 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The business's revenue was up 40.3% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 45,000 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. The trade was a 1.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 1,119,470 shares of company stock valued at $409,752,180 over the last ninety days. 14.69% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on APP shares. Citigroup upped their target price on shares of AppLovin from $460.00 to $600.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Loop Capital reaffirmed a "buy" rating and issued a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. Bank of America lifted their price objective on AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. FBN Securities started coverage on shares of AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. One equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $433.85.

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.