Condor Capital Management Reduces Stake in AppLovin Co. (NASDAQ:APP)

Condor Capital Management trimmed its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 5.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,375 shares of the company's stock after selling 908 shares during the quarter. Condor Capital Management's holdings in AppLovin were worth $4,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. GHP Investment Advisors Inc. bought a new stake in AppLovin during the fourth quarter worth $25,000. Riverview Trust Co raised its stake in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after purchasing an additional 82 shares during the period. Hemington Wealth Management raised its stake in shares of AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after purchasing an additional 40 shares during the period. Fifth Third Bancorp grew its position in AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company's stock valued at $32,000 after buying an additional 62 shares during the period. Finally, Smithfield Trust Co bought a new position in AppLovin during the fourth quarter valued at about $32,000. Institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

Shares of APP traded up $25.69 during midday trading on Monday, reaching $339.72. The stock had a trading volume of 9,111,745 shares, compared to its average volume of 5,260,623. The company has a market capitalization of $115.49 billion, a price-to-earnings ratio of 74.83, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. 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 Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company's 50-day moving average is $354.31 and its 200 day moving average is $278.37.

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AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, equities analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Oppenheimer reiterated an "outperform" rating and issued a $560.00 target price (up from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Arete Research set a $200.00 price target on AppLovin in a research note on Wednesday, March 5th. Macquarie boosted their price objective on AppLovin from $270.00 to $450.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Piper Sandler increased their target price on shares of AppLovin from $400.00 to $575.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Finally, Citigroup boosted their price target on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $438.28.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now owns 88,389 shares of the company's stock, valued at $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 over the last three months. Company insiders own 14.69% of the company's stock.

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.