Assetmark Inc. Raises Stock Holdings in AppLovin Co. (NASDAQ:APP)

Assetmark Inc. lifted its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 39.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,422 shares of the company's stock after acquiring an additional 3,785 shares during the period. Assetmark Inc.'s holdings in AppLovin were worth $4,346,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smithfield Trust Co bought a new position in AppLovin during the fourth quarter valued at approximately $32,000. J.Safra Asset Management Corp bought a new position in AppLovin during the fourth quarter valued at approximately $236,000. Cookson Peirce & Co. Inc. boosted its stake in AppLovin by 54.9% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 8,554 shares of the company's stock valued at $2,770,000 after buying an additional 3,030 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in AppLovin by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 965,178 shares of the company's stock valued at $312,554,000 after buying an additional 14,238 shares during the last quarter. Finally, State of Michigan Retirement System purchased a new stake in AppLovin during the fourth quarter valued at approximately $1,263,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 4.2 %

APP traded up $10.85 during trading on Friday, hitting $270.48. 14,581,399 shares of the stock were exchanged, compared to its average volume of 5,030,862. The firm has a 50 day simple moving average of $363.84 and a 200 day simple moving average of $261.76. The firm has a market cap of $90.77 billion, a price-to-earnings ratio of 59.58, a P/E/G ratio of 3.02 and a beta of 2.33. AppLovin Co. has a 1 year low of $59.30 and a 1 year high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

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AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (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%. As a group, equities analysts expect that AppLovin Co. will post 6.87 EPS for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of recent research reports. Citigroup upped their price objective on AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Jefferies Financial Group upped their price objective on AppLovin from $400.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Piper Sandler upped their price objective on AppLovin from $400.00 to $575.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, February 13th. Finally, Wells Fargo & Company set a $538.00 price objective on AppLovin and gave the company an "overweight" rating in a research report on Thursday, February 27th. One 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $452.29.

Insider Buying and Selling at AppLovin

In other news, CFO Herald Y. Chen sold 400 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $366.16, for a total value of $146,464.00. Following the completion of the sale, the chief financial officer now owns 207,649 shares of the company's stock, valued at $76,032,757.84. This trade represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the sale, the chief executive officer now directly owns 3,058,635 shares of the company's stock, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 406,447 shares of company stock valued at $140,537,281. 14.69% of the stock is currently owned by corporate 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.