State of Michigan Retirement System purchased a new position in AppLovin Co. (NASDAQ:APP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,900 shares of the company's stock, valued at approximately $1,263,000.
Several other large investors also recently bought and sold shares of the company. FMR LLC boosted its holdings in AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company's stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AppLovin in the 4th quarter valued at approximately $1,781,922,000. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after buying an additional 4,010,520 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of AppLovin during the 4th quarter valued at approximately $414,462,000. Finally, WCM Investment Management LLC grew its position in shares of AppLovin by 10.5% during the third 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 in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on APP shares. Piper Sandler upped their price target on shares of AppLovin from $400.00 to $575.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Bank of America upped their target price on shares of AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Loop Capital lifted their price target on AppLovin from $450.00 to $650.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research note on Thursday, February 13th. Finally, Benchmark increased their target price on AppLovin from $375.00 to $525.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $452.29.
Check Out Our Latest Research Report on APP
AppLovin Stock Up 4.2 %
AppLovin stock opened at $270.48 on Monday. 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 one year low of $59.30 and a one year high of $525.15. The company has a 50-day simple moving average of $363.84 and a 200-day simple moving average of $262.97. The firm has a market capitalization of $90.77 billion, a P/E ratio of 59.58, a P/E/G ratio of 3.02 and a beta of 2.33.
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, beating analysts' consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Arash Adam Foroughi sold 1,676 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the sale, the chief executive officer now owns 3,058,635 shares of the company's stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares of the company's stock, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 406,047 shares of company stock valued at $140,390,817 in the last three months. 14.69% of the stock is currently owned by corporate insiders.
About AppLovin
(
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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