AssuredPartners Investment Advisors LLC Purchases New Stake in AppLovin Co. (NASDAQ:APP)

AssuredPartners Investment Advisors LLC purchased a new position in AppLovin Co. (NASDAQ:APP) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,217 shares of the company’s stock, valued at approximately $1,042,000.

Other hedge funds have also recently modified their holdings of the company. FMR LLC raised its holdings in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares in the last quarter. SVB Wealth LLC bought a new position in AppLovin in the 4th quarter worth $1,781,922,000. State Street Corp lifted its position in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the period. Baillie Gifford & Co. boosted its stake 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 purchasing an additional 4,010,520 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of AppLovin by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after purchasing an additional 449,241 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction 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 SEC, which can be accessed through this link. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Monday, March 17th. Jefferies Financial Group raised their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Citigroup upped their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group raised their price objective on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, Benchmark upped their target price on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $438.28.

AppLovin Trading Down 20.1 %

Shares of APP stock opened at $261.70 on Friday. The stock’s 50-day moving average price is $353.26 and its 200-day moving average price is $280.42. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The stock has a market capitalization of $88.97 billion, a price-to-earnings ratio of 57.64, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Equities research analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

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.