Optimist Retirement Group LLC Makes New $284,000 Investment in AppLovin Co. (NASDAQ:APP)

Optimist Retirement Group LLC bought a new stake in AppLovin Co. (NASDAQ:APP - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 2,175 shares of the company's stock, valued at approximately $284,000.

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

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 593,588 shares of AppLovin stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the transaction, the chief technology officer now directly owns 3,919,024 shares of the company's stock, valued at $1,251,618,694.88. The trade was a 13.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 17,925 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the transaction, the insider now owns 405,676 shares in the company, valued at $143,670,155.40. This represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 773,896 shares of company stock worth $247,152,521 over the last three months. 14.69% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on APP. Macquarie raised their price target on AppLovin from $270.00 to $450.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Jefferies Financial Group upped their price target on AppLovin from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Loop Capital raised their price target on shares of AppLovin from $181.00 to $385.00 and gave the company a "buy" rating in a report on Monday, November 11th. Daiwa Capital Markets upgraded shares of AppLovin from a "neutral" rating to an "outperform" rating and upped their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $292.79.

AppLovin Stock Down 3.5 %

Shares of NASDAQ APP traded down $12.00 during mid-day trading on Thursday, hitting $326.21. The company had a trading volume of 4,047,320 shares, compared to its average volume of 4,585,300. The business's 50-day simple moving average is $238.48 and its 200 day simple moving average is $141.40. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a market capitalization of $109.47 billion, a PE ratio of 102.49, a price-to-earnings-growth ratio of 4.95 and a beta of 2.27. AppLovin Co. has a 1-year low of $36.33 and a 1-year high of $417.64.

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

AppLovin Company 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.