ICICI Prudential Asset Management Co Ltd Makes New $1.26 Million Investment in AppLovin Co. (NASDAQ:APP)

ICICI Prudential Asset Management Co Ltd acquired a new position in AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,889 shares of the company’s stock, valued at approximately $1,259,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC lifted its position in shares of AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of AppLovin by 5,421.4% during the 4th 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. Jennison Associates LLC purchased a new position in shares of AppLovin during the 4th quarter valued at $414,462,000. WCM Investment Management LLC lifted its position in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after buying an additional 1,029,009 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of AppLovin by 31.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after buying an additional 560,560 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity

In related news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the transaction, the chief technology officer now directly owns 3,919,024 shares in the company, valued at $1,251,618,694.88. This trade represents a 13.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 828,991 shares of company stock worth $267,640,144. 14.69% of the stock is currently owned by insiders.

AppLovin Price Performance

Shares of AppLovin stock opened at $496.07 on Wednesday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $166.48 billion, a PE ratio of 150.33, a price-to-earnings-growth ratio of 3.10 and a beta of 2.30. The business’s 50-day moving average price is $358.18 and its 200-day moving average price is $237.58. AppLovin Co. has a 12 month low of $54.50 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. Sell-side analysts forecast that AppLovin Co. will post 4.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on APP. UBS Group increased their price objective on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Oppenheimer reissued an “outperform” rating and set a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Bank of America increased 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. Wedbush reissued an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $422.18.

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.