KLP Kapitalforvaltning AS Makes New $26.02 Million Investment in AppLovin Co. (NASDAQ:APP)

KLP Kapitalforvaltning AS bought a new stake in AppLovin Co. (NASDAQ:APP - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 80,350 shares of the company's stock, valued at approximately $26,020,000.

Several other institutional investors also recently made changes to their positions in the stock. Pathstone Holdings LLC increased its stake in AppLovin by 5.5% in the 3rd quarter. Pathstone Holdings LLC now owns 19,866 shares of the company's stock valued at $2,594,000 after purchasing an additional 1,042 shares in the last quarter. Prospera Financial Services Inc purchased a new position in shares of AppLovin in the third quarter valued at $294,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of AppLovin during the 3rd quarter worth $714,000. Commerce Bank boosted its position in shares of AppLovin by 2.6% in the 3rd quarter. Commerce Bank now owns 8,782 shares of the company's stock worth $1,146,000 after buying an additional 221 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in AppLovin by 89.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 681 shares of the company's stock valued at $89,000 after acquiring an additional 322 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Trading Down 20.1 %

APP stock traded down $65.92 during midday trading on Thursday, reaching $261.70. 20,114,866 shares of the company's stock traded hands, compared to its average volume of 5,351,011. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The business has a 50-day moving average price of $354.67 and a two-hundred day moving average price of $280.55. The company has a market capitalization of $88.97 billion, a P/E ratio of 57.64, a PEG ratio of 3.02 and a beta of 2.33. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

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AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly 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 forecast that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares of the company's stock, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. 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. 14.69% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. Macquarie lifted their target price on shares of AppLovin from $270.00 to $450.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Stifel Nicolaus lifted their price objective on AppLovin from $250.00 to $435.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. Benchmark increased their target price on AppLovin from $375.00 to $525.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Loop Capital boosted their price target on AppLovin from $450.00 to $650.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $438.28.

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.