Robeco Institutional Asset Management B.V. lowered its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 8.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 242,297 shares of the company's stock after selling 23,774 shares during the period. Robeco Institutional Asset Management B.V. owned about 0.07% of AppLovin worth $78,463,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in shares of AppLovin by 23.8% in the second quarter. The Manufacturers Life Insurance Company now owns 49,389 shares of the company's stock valued at $4,110,000 after buying an additional 9,508 shares during the last quarter. Algert Global LLC raised its position in shares of AppLovin by 34.2% in the second quarter. Algert Global LLC now owns 6,736 shares of the company's stock valued at $561,000 after buying an additional 1,716 shares during the last quarter. NewEdge Advisors LLC increased its position in AppLovin by 13,831.6% during the second quarter. NewEdge Advisors LLC now owns 21,176 shares of the company's stock worth $1,762,000 after purchasing an additional 21,024 shares during the last quarter. EP Wealth Advisors LLC increased its position in AppLovin by 4.2% during the second quarter. EP Wealth Advisors LLC now owns 11,342 shares of the company's stock worth $944,000 after purchasing an additional 458 shares during the last quarter. Finally, Truist Financial Corp increased its position in AppLovin by 510.9% during the second quarter. Truist Financial Corp now owns 27,697 shares of the company's stock worth $2,305,000 after purchasing an additional 23,163 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.
Analysts Set New Price Targets
Several brokerages recently commented on APP. Citigroup upped their price target on shares of AppLovin from $335.00 to $460.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. Daiwa Capital Markets upgraded shares of AppLovin from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. Oppenheimer reiterated an "outperform" rating and set a $480.00 price objective on shares of AppLovin in a research note on Tuesday, December 10th. Loop Capital boosted their price objective on shares of AppLovin from $385.00 to $450.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Finally, Piper Sandler initiated coverage on shares of AppLovin in a research note on Wednesday, November 20th. They set an "overweight" rating and a $400.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $366.29.
Get Our Latest Analysis on AppLovin
AppLovin Stock Down 0.2 %
NASDAQ APP traded down $0.83 during trading hours on Thursday, reaching $365.51. 3,869,179 shares of the company traded hands, compared to its average volume of 4,134,052. The stock has a market capitalization of $122.66 billion, a PE ratio of 110.76, a PEG ratio of 2.96 and a beta of 2.29. AppLovin Co. has a 12 month low of $40.71 and a 12 month high of $417.64. The company has a 50 day moving average of $339.92 and a two-hundred day moving average of $204.14. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.
AppLovin (NASDAQ:APP - Get Free Report) last issued its 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. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm's revenue was up 38.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.30 earnings per share. As a group, equities analysts expect that AppLovin Co. will post 4.06 earnings per share for the current year.
Insiders Place Their Bets
In related news, CMO Katie Kihorany Jansen sold 59,876 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now owns 1,017,388 shares of the company's stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 593,588 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the transaction, the chief technology officer now owns 3,919,024 shares of the company's stock, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 888,867 shares of company stock valued at $284,773,062. Company insiders own 14.69% of the company's stock.
AppLovin Company Profile
(
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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