Boothbay Fund Management LLC Decreases Stock Position in AppLovin Co. (NASDAQ:APP)

Boothbay Fund Management LLC decreased its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 42.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 4,999 shares of the company's stock after selling 3,691 shares during the period. Boothbay Fund Management LLC's holdings in AppLovin were worth $1,619,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FMR LLC grew its position in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at $1,781,922,000. Geode Capital Management LLC increased its position in shares of AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after acquiring an additional 573,310 shares during the period. Baillie Gifford & Co. raised its stake in AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. lifted its position in AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after acquiring an additional 1,222,074 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Trading Up 2.9 %

APP opened at $284.98 on Tuesday. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The business has a fifty day simple moving average of $286.98 and a 200-day simple moving average of $303.11. The firm has a market cap of $96.88 billion, a P/E ratio of 62.77, a P/E/G ratio of 3.02 and a beta of 2.39.

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

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 45,000 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares of the company's stock, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on APP shares. Wells Fargo & Company reduced their price objective on AppLovin from $538.00 to $386.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Citigroup raised their price target on shares of AppLovin from $460.00 to $600.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. UBS Group dropped their price objective on shares of AppLovin from $630.00 to $450.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Jefferies Financial Group upped their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, January 8th. Finally, Loop Capital restated a "buy" rating and issued a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $415.15.

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Co. (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.