Prudential PLC Has $2.50 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Prudential PLC cut its stake in AppLovin Co. (NASDAQ:APP) by 26.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,731 shares of the company’s stock after selling 2,801 shares during the period. Prudential PLC’s holdings in AppLovin were worth $2,504,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. GHP Investment Advisors Inc. acquired a new position in AppLovin during the fourth quarter worth $25,000. Riverview Trust Co grew its holdings in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC bought a new position in AppLovin during the 4th quarter valued at about $28,000. Hemington Wealth Management boosted its position in AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after buying an additional 62 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 17,500 shares of AppLovin 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 completion of 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 trade represents a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 306,900 shares of company stock worth $106,401,841. Company insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the topic of several recent analyst reports. Citigroup boosted their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Wells Fargo & Company set a $538.00 price objective on AppLovin and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Arete Research set a $200.00 target price on AppLovin in a research note on Wednesday, March 5th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. Finally, UBS Group raised their price objective on shares of AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $435.47.

AppLovin Price Performance

NASDAQ APP opened at $219.37 on Monday. The firm’s 50 day moving average is $342.89 and its 200-day moving average is $289.58. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $74.58 billion, a PE ratio of 48.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share 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%. Equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share 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.