Cunning Capital Partners LP reduced its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 11.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,690 shares of the company's stock after selling 4,145 shares during the quarter. AppLovin accounts for 6.7% of Cunning Capital Partners LP's holdings, making the stock its 2nd largest position. Cunning Capital Partners LP's holdings in AppLovin were worth $10,910,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. FMR LLC raised its holdings in AppLovin by 75.5% in 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 period. SVB Wealth LLC acquired a new position in shares of AppLovin during the 4th quarter worth approximately $1,781,922,000. Geode Capital Management LLC lifted its position in shares of AppLovin by 14.5% during 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 buying an additional 573,310 shares in the last quarter. Baillie Gifford & Co. grew 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 valued at $1,322,682,000 after acquiring an additional 4,010,520 shares during the period. Finally, Invesco Ltd. increased its holdings in AppLovin by 68.0% in 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 in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.
AppLovin Trading Down 3.9 %
AppLovin stock traded down $9.65 during midday trading on Monday, reaching $240.30. 3,773,815 shares of the stock traded hands, compared to its average volume of 5,756,622. The firm has a market cap of $81.69 billion, a PE ratio of 52.93, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a 50-day simple moving average of $327.20 and a two-hundred day simple moving average of $294.56. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15.
AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several analysts have recently issued reports on the stock. Arete Research set a $200.00 target price on shares of AppLovin in a research report on Wednesday, March 5th. Oppenheimer reissued an "outperform" rating and set a $560.00 target price on shares of AppLovin in a report on Thursday, March 27th. Morgan Stanley raised AppLovin from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $470.00 to $350.00 in a research note on Thursday. Citigroup increased their price objective on AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Finally, FBN Securities started coverage on shares of AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 target price for the company. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $424.84.
Check Out Our Latest Research Report on AppLovin
Insider Transactions at AppLovin
In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction dated 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 sale, the director now directly owns 621,209 shares of the company's stock, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by company insiders.
About AppLovin
(
Free Report)
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.
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