GLOBALT Investments LLC GA Trims Stake in AppLovin Co. (NASDAQ:APP)

GLOBALT Investments LLC GA cut its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 39.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,904 shares of the company's stock after selling 4,491 shares during the quarter. GLOBALT Investments LLC GA's holdings in AppLovin were worth $2,236,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. FMR LLC boosted its stake 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 purchasing an additional 6,801,138 shares in the last quarter. SVB Wealth LLC bought a new position in shares of AppLovin during the fourth quarter valued at approximately $1,781,922,000. State Street Corp boosted its stake in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company's stock valued at $703,406,000 after purchasing an additional 428,419 shares in the last quarter. Baillie Gifford & Co. boosted its stake in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after acquiring an additional 4,010,520 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company's stock valued at $514,418,000 after acquiring an additional 449,241 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the sale, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of the company's stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the sale, the insider now owns 372,205 shares in the company, valued at approximately $116,526,219.35. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 322,871 shares of company stock worth $111,401,882. Company insiders own 14.69% of the company's stock.

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AppLovin Stock Up 4.8 %

Shares of AppLovin stock traded up $13.96 during trading hours on Monday, hitting $306.85. The company had a trading volume of 8,859,695 shares, compared to its average volume of 5,166,813. The company's 50-day moving average is $356.03 and its two-hundred day moving average is $270.72. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a market cap of $104.32 billion, a P/E ratio of 67.59, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP - Get Free Report) last issued 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%. Analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

APP has been the subject of several research reports. UBS Group lifted their price objective on shares of AppLovin from $440.00 to $630.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Wells Fargo & Company set a $538.00 price objective on shares of AppLovin and gave the stock an "overweight" rating in a research note on Thursday, February 27th. Loop Capital lifted their price objective on shares of AppLovin from $450.00 to $650.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $325.00 to $475.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group raised their target price on shares of AppLovin from $220.00 to $335.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus price target of $438.28.

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.