Massachusetts Financial Services Co. MA Reduces Holdings in AppLovin Co. (NASDAQ:APP)

Massachusetts Financial Services Co. MA lowered its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 12.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,003 shares of the company's stock after selling 23,392 shares during the period. Massachusetts Financial Services Co. MA's holdings in AppLovin were worth $21,280,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in shares of AppLovin in the 3rd quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in shares of AppLovin in the 3rd quarter worth approximately $27,000. DT Investment Partners LLC purchased a new stake in shares of AppLovin in the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. purchased a new position in AppLovin during the third quarter valued at $29,000. Finally, HM Payson & Co. grew its stake in shares of AppLovin by 50.0% in the third quarter. HM Payson & Co. now owns 300 shares of the company's stock worth $39,000 after acquiring an additional 100 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Price Performance

NASDAQ:APP traded up $10.18 during trading hours on Tuesday, hitting $329.77. 4,440,288 shares of the stock traded hands, compared to its average volume of 4,468,423. The company has a market cap of $110.67 billion, a price-to-earnings ratio of 99.93, a price-to-earnings-growth ratio of 4.11 and a beta of 1.86. AppLovin Co. has a 1 year low of $35.79 and a 1 year high of $344.77. The stock has a 50 day moving average price of $185.37 and a 200 day moving average price of $119.37. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.33. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin's revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 EPS. Sell-side analysts forecast that AppLovin Co. will post 4.05 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 21,101 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the sale, the chief financial officer now owns 213,336 shares of the company's stock, valued at $70,970,487.12. This represents a 9.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company's stock, valued at $900,711.30. The trade was a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,065 shares of company stock valued at $233,072,408 in the last three months. 14.69% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of analyst reports. Benchmark reiterated a "sell" rating and issued a $66.00 price target on shares of AppLovin in a research note on Thursday, November 7th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Thursday, November 7th. Citigroup lifted their target price on AppLovin from $185.00 to $335.00 and gave the stock a "buy" rating in a report on Monday, November 18th. Daiwa America raised AppLovin from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. Finally, Piper Sandler started coverage on AppLovin in a research report on Wednesday, November 20th. They issued an "overweight" rating and a $400.00 target price for the company. One research 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's stock. According to MarketBeat, AppLovin has an average rating of "Moderate Buy" and a consensus price target of $265.57.

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.