Castellan Group Invests $8.80 Million in AppLovin Co. (NASDAQ:APP)

Castellan Group bought a new stake in AppLovin Co. (NASDAQ:APP - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 67,396 shares of the company's stock, valued at approximately $8,799,000. AppLovin comprises 3.7% of Castellan Group's holdings, making the stock its 3rd biggest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Townsquare Capital LLC raised its holdings in AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company's stock worth $1,037,000 after purchasing an additional 3,126 shares in the last quarter. Second Half Financial Partners LLC acquired a new position in shares of AppLovin in the 3rd quarter worth $224,000. State Street Corp raised its position in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company's stock worth $703,406,000 after purchasing an additional 428,419 shares during the period. Eagle Asset Management Inc. lifted its holdings in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company's stock valued at $68,297,000 after purchasing an additional 500,407 shares during the last quarter. Finally, Zacks Investment Management increased its stake in AppLovin by 328.1% in the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company's stock worth $13,854,000 after purchasing an additional 81,331 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Activity at AppLovin

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 17,925 shares of the firm's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the transaction, the insider now directly owns 405,676 shares of the company's stock, valued at $143,670,155.40. The trade was a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 773,896 shares of company stock worth $247,152,521 in the last ninety days. 14.69% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Piper Sandler initiated coverage on shares of AppLovin in a report on Wednesday, November 20th. They set an "overweight" rating and a $400.00 price target on the stock. BTIG Research upped their price objective on shares of AppLovin from $202.00 to $291.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Thursday, November 7th. Oppenheimer restated an "outperform" rating and issued a $480.00 target price on shares of AppLovin in a research note on Tuesday. Finally, Wedbush reaffirmed an "outperform" rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $292.79.

AppLovin Stock Down 3.5 %

Shares of NASDAQ:APP traded down $12.00 during trading on Thursday, hitting $326.21. 4,047,320 shares of the company's stock traded hands, compared to its average volume of 4,585,300. The company has a market cap of $109.47 billion, a price-to-earnings ratio of 102.49, a price-to-earnings-growth ratio of 4.95 and a beta of 2.27. AppLovin Co. has a 52 week low of $36.33 and a 52 week high of $417.64. The company has a 50-day moving average price of $238.48 and a 200-day moving average price of $141.40. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm earned $0.30 EPS. The business's quarterly revenue was up 38.6% on a year-over-year basis. As a group, research analysts forecast that AppLovin Co. will post 4.06 EPS for the current fiscal year.

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.