Summit Global Investments Sells 29,366 Shares of AppLovin Co. (NASDAQ:APP)

Summit Global Investments decreased its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 87.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,059 shares of the company's stock after selling 29,366 shares during the quarter. Summit Global Investments' holdings in AppLovin were worth $1,314,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of APP. FMR LLC raised its position in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company's stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares during the period. SVB Wealth LLC acquired a new stake in AppLovin during the 4th quarter worth approximately $1,781,922,000. State Street Corp raised its holdings in AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company's stock worth $703,406,000 after buying an additional 428,419 shares during the period. Baillie Gifford & Co. lifted its stake in AppLovin by 5,421.4% in the fourth 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 in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company's stock valued at $514,418,000 after buying an additional 449,241 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares of the company's stock, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the sale, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock valued at $106,401,841 in the last ninety days. 14.69% of the stock is currently owned by corporate insiders.

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AppLovin Stock Performance

NASDAQ:APP traded down $65.92 during mid-day trading on Thursday, hitting $261.70. The stock had a trading volume of 20,114,866 shares, compared to its average volume of 5,350,913. 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 twelve month low of $60.67 and a twelve month high of $525.15. The company's 50 day simple moving average is $354.67 and its 200 day simple moving average is $280.55. The stock has a market cap of $88.97 billion, a price-to-earnings ratio of 57.64, a PEG ratio of 3.02 and a beta of 2.33.

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

Analysts Set New Price Targets

APP has been the topic of several research reports. Citigroup boosted their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Monday, March 17th. Bank of America boosted their target price on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $325.00 to $475.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, Macquarie boosted their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $438.28.

AppLovin 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.