Plato Investment Management Ltd Sells 2,843 Shares of AppLovin Co. (NASDAQ:APP)

Plato Investment Management Ltd lowered its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 10.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,423 shares of the company's stock after selling 2,843 shares during the period. Plato Investment Management Ltd's holdings in AppLovin were worth $3,055,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in APP. Fred Alger Management LLC purchased a new stake in shares of AppLovin during the 2nd quarter valued at $290,655,000. Whale Rock Capital Management LLC bought a new stake in AppLovin during the first quarter worth about $195,129,000. Jericho Capital Asset Management L.P. boosted its holdings in shares of AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company's stock worth $269,305,000 after purchasing an additional 2,525,240 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company's stock valued at $124,522,000 after buying an additional 1,357,400 shares in the last quarter. Finally, WCM Investment Management LLC lifted its position in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company's stock worth $1,382,307,000 after buying an additional 1,029,009 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on APP shares. Citigroup boosted their price objective on shares of AppLovin from $155.00 to $185.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. BTIG Research upped their price target on shares of AppLovin from $202.00 to $291.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Daiwa America upgraded AppLovin from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Thursday, November 7th. Finally, Jefferies Financial Group raised their price target on AppLovin from $105.00 to $108.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus price target of $194.31.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 14,166 shares of the business's stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. The trade was a 3.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the completion of the sale, the director now directly owns 7,412,475 shares of the company's stock, valued at $640,067,216.25. This represents a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 404,866 shares of company stock worth $34,670,777. 14.69% of the stock is owned by insiders.

AppLovin Stock Performance

NASDAQ APP traded up $0.53 during trading hours on Thursday, hitting $284.49. The company's stock had a trading volume of 7,159,306 shares, compared to its average volume of 4,312,054. 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 cap of $95.09 billion, a P/E ratio of 86.05, a price-to-earnings-growth ratio of 3.56 and a beta of 1.86. The company's 50 day simple moving average is $151.08 and its two-hundred day simple moving average is $105.82. AppLovin Co. has a 12 month low of $35.79 and a 12 month high of $302.55.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating 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 company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The firm's revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, sell-side analysts expect that AppLovin Co. will post 4.06 EPS for the current fiscal 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.