Proem Advisors LLC Invests $3.24 Million in AppLovin Co. (NASDAQ:APP)

Proem Advisors LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,000 shares of the company's stock, valued at approximately $3,238,000. AppLovin accounts for about 0.9% of Proem Advisors LLC's holdings, making the stock its 17th largest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company's stock worth $703,406,000 after acquiring an additional 428,419 shares during the period. Zacks Investment Management lifted its holdings in shares of AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company's stock valued at $13,854,000 after purchasing an additional 81,331 shares in the last quarter. Toronto Dominion Bank grew its position in shares of AppLovin by 38.8% in the third quarter. Toronto Dominion Bank now owns 25,174 shares of the company's stock valued at $3,286,000 after purchasing an additional 7,039 shares during the last quarter. Oxinas Partners Wealth Management LLC purchased a new position in shares of AppLovin during the 4th quarter worth approximately $1,081,000. Finally, Virtu Financial LLC purchased a new stake in AppLovin in the 3rd quarter valued at approximately $3,211,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Loop Capital reissued a "buy" rating and set a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. Arete Research set a $200.00 price target on shares of AppLovin in a report on Wednesday, March 5th. Benchmark raised their target price on shares of AppLovin from $375.00 to $525.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Jefferies Financial Group increased their price target on AppLovin from $400.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group lifted their price objective on AppLovin from $220.00 to $335.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $435.47.

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Insider Buying and Selling

In other news, CTO Vasily Shikin sold 17,500 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. This trade represents a 16.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company's stock.

AppLovin Stock Up 4.5 %

Shares of NASDAQ APP traded up $9.81 during trading on Monday, reaching $229.18. 8,059,617 shares of the stock were exchanged, compared to its average volume of 5,611,232. The business's 50-day moving average price is $342.89 and its 200 day moving average price is $289.58. The company has a market capitalization of $77.91 billion, a price-to-earnings ratio of 50.12, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

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

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.