AppLovin Co. (NASDAQ:APP) Stake Increased by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd increased its stake in AppLovin Co. (NASDAQ:APP) by 102.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,412 shares of the company’s stock after buying an additional 17,392 shares during the period. Harvest Fund Management Co. Ltd’s holdings in AppLovin were worth $10,977,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of AppLovin in the fourth quarter worth $252,000. Xponance Inc. increased its stake in AppLovin by 7.3% during the fourth quarter. Xponance Inc. now owns 47,224 shares of the company’s stock valued at $15,293,000 after purchasing an additional 3,205 shares during the last quarter. Intech Investment Management LLC increased its stake in AppLovin by 209.9% during the fourth quarter. Intech Investment Management LLC now owns 67,945 shares of the company’s stock valued at $22,003,000 after purchasing an additional 46,020 shares during the last quarter. PDS Planning Inc bought a new stake in AppLovin during the fourth quarter valued at $342,000. Finally, Primecap Management Co. CA bought a new stake in AppLovin during the fourth quarter valued at $112,725,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $278.84 on Wednesday. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. 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 company has a market capitalization of $94.79 billion, a price-to-earnings ratio of 61.42, a PEG ratio of 3.02 and a beta of 2.33. The firm has a 50-day moving average of $355.01 and a two-hundred day moving average of $272.03.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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, analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 44,400 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at approximately $1,179,045,567.88. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the sale, the insider now directly owns 372,205 shares of the company’s stock, valued at $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 322,871 shares of company stock valued at $111,401,882. 14.69% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Citigroup boosted their target price on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Monday. The Goldman Sachs Group boosted their target price on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Wells Fargo & Company set a $538.00 price target on shares of AppLovin and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Finally, UBS Group upped their price target on shares of AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $438.28.

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.