Globeflex Capital L P Trims Stock Position in AppLovin Co. (NASDAQ:APP)

Globeflex Capital L P trimmed its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 53.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,848 shares of the company's stock after selling 3,326 shares during the period. Globeflex Capital L P's holdings in AppLovin were worth $922,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in APP. Assetmark Inc. lifted its holdings in AppLovin by 131.8% during the third quarter. Assetmark Inc. now owns 9,637 shares of the company's stock valued at $1,258,000 after purchasing an additional 5,480 shares in the last quarter. Atria Investments Inc purchased a new position in shares of AppLovin in the third quarter worth about $574,000. Crossmark Global Holdings Inc. purchased a new position in shares of AppLovin in the third quarter worth about $289,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of AppLovin by 37.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 498,534 shares of the company's stock worth $65,084,000 after buying an additional 134,645 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of AppLovin by 45.5% in the third quarter. Victory Capital Management Inc. now owns 374,892 shares of the company's stock worth $48,942,000 after buying an additional 117,186 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APP has been the topic of several research reports. Jefferies Financial Group raised their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Wells Fargo & Company set a $538.00 price objective on shares of AppLovin and gave the stock an "overweight" rating in a research report on Thursday, February 27th. Stifel Nicolaus raised their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. Macquarie raised their price objective 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. Finally, UBS Group raised their price objective 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 issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $438.28.

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AppLovin Stock Up 7.7 %

Shares of APP stock traded up $20.89 during trading on Friday, reaching $292.89. The company's stock had a trading volume of 10,053,786 shares, compared to its average volume of 5,187,542. 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 capitalization of $99.57 billion, a price-to-earnings ratio of 64.51, a P/E/G ratio of 3.02 and a beta of 2.33. The stock's 50-day moving average price is $357.00 and its 200 day moving average price is $267.94. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data 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%. On average, research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

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 shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the transaction, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of AppLovin stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the transaction, the insider now owns 372,205 shares of the company's stock, valued at $116,526,219.35. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 322,871 shares of company stock worth $111,401,882 over the last 90 days. 14.69% of the stock is owned by insiders.

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.