Proficio Capital Partners LLC Takes Position in AppLovin Co. (NASDAQ:APP)

Proficio Capital Partners LLC purchased a new position in AppLovin Co. (NASDAQ:APP - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,464 shares of the company's stock, valued at approximately $474,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APP. M&T Bank Corp lifted its holdings in shares of AppLovin by 1.5% in the 4th quarter. M&T Bank Corp now owns 37,368 shares of the company's stock worth $12,101,000 after buying an additional 569 shares during the period. Atria Investments Inc boosted its position in shares of AppLovin by 70.7% in the 4th quarter. Atria Investments Inc now owns 7,507 shares of the company's stock worth $2,431,000 after purchasing an additional 3,108 shares in the last quarter. Assetmark Inc. grew its stake in AppLovin by 39.3% during the 4th quarter. Assetmark Inc. now owns 13,422 shares of the company's stock worth $4,346,000 after buying an additional 3,785 shares during the last quarter. Smithfield Trust Co acquired a new position in AppLovin during the 4th quarter valued at about $32,000. Finally, J.Safra Asset Management Corp acquired a new stake in AppLovin in the fourth quarter worth about $236,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Down 20.1 %

Shares of NASDAQ APP traded down $65.92 during trading on Thursday, hitting $261.70. 20,114,866 shares of the company were exchanged, compared to its average volume of 5,356,219. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a fifty day moving average price of $353.26 and a 200-day moving average price of $280.42. The firm has a market capitalization of $88.97 billion, a PE ratio of 57.64, a P/E/G ratio of 3.02 and a beta of 2.33.

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AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results 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 research analysts expect that AppLovin Co. will post 6.87 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on APP. UBS Group upped their price objective on shares of AppLovin from $440.00 to $630.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Benchmark raised their price target 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. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $325.00 to $475.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Loop Capital raised their target price on AppLovin from $450.00 to $650.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Finally, Citigroup increased their price target on shares of AppLovin from $460.00 to $600.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $438.28.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the company's 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 sale, the director now owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the transaction, the chief executive officer now owns 2,869,492 shares of the company's stock, valued at $1,179,045,567.88. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders 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

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.