Nierenberg Investment Management Company Inc. Trims Stock Position in AppLovin Co. (NASDAQ:APP)

Nierenberg Investment Management Company Inc. decreased its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 43.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,555 shares of the company's stock after selling 2,000 shares during the period. AppLovin accounts for about 0.5% of Nierenberg Investment Management Company Inc.'s portfolio, making the stock its 24th largest position. Nierenberg Investment Management Company Inc.'s holdings in AppLovin were worth $827,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of APP. Benjamin Edwards Inc. purchased a new position in AppLovin in the third quarter valued at about $364,000. IHT Wealth Management LLC bought a new stake in shares of AppLovin in the 3rd quarter valued at about $316,000. Quantinno Capital Management LP grew its position in shares of AppLovin by 146.6% in the 3rd quarter. Quantinno Capital Management LP now owns 6,412 shares of the company's stock worth $837,000 after buying an additional 3,812 shares during the last quarter. Stifel Financial Corp raised its stake in shares of AppLovin by 5.6% during the 3rd quarter. Stifel Financial Corp now owns 117,501 shares of the company's stock worth $15,340,000 after acquiring an additional 6,188 shares in the last quarter. Finally, State Street Corp raised its stake in shares of AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company's stock worth $703,406,000 after acquiring an additional 428,419 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

Shares of APP stock traded down $13.88 during mid-day trading on Friday, hitting $249.95. 8,949,643 shares of the stock were exchanged, compared to its average volume of 5,751,052. 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 Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The firm has a fifty day moving average of $327.20 and a 200 day moving average of $293.41. The company has a market cap of $84.97 billion, a PE ratio of 55.06, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on APP. The Goldman Sachs Group lifted their price target on shares of AppLovin from $220.00 to $335.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. UBS Group dropped their target price on AppLovin from $630.00 to $450.00 and set a "buy" rating on the stock in a research note on Friday. Wells Fargo & Company decreased their price target on AppLovin from $538.00 to $386.00 and set an "overweight" rating for the company in a research note on Tuesday. Piper Sandler dropped their price target on AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $424.84.

Insiders Place Their Bets

In other news, Director Herald Y. Chen sold 200,000 shares of the firm'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 transaction, the director now directly owns 621,209 shares of the company's stock, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 17,500 shares of the firm's 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 transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 306,900 shares of company stock worth $106,401,841. Company insiders own 14.69% of the company's stock.

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.