Thoroughbred Financial Services LLC Trims Stock Position in AppLovin Co. (NASDAQ:APP)

Thoroughbred Financial Services LLC trimmed its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,708 shares of the company's stock after selling 1,255 shares during the quarter. Thoroughbred Financial Services LLC's holdings in AppLovin were worth $11,239,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Proem Advisors LLC acquired a new stake in AppLovin during the fourth quarter worth about $3,238,000. Pitcairn Co. raised its position in shares of AppLovin by 8.6% during the 4th quarter. Pitcairn Co. now owns 31,110 shares of the company's stock valued at $10,074,000 after buying an additional 2,473 shares during the period. ExodusPoint Capital Management LP acquired a new position in AppLovin in the fourth quarter valued at approximately $13,335,000. World Investment Advisors purchased a new position in AppLovin in the fourth quarter worth approximately $847,000. Finally, Westpac Banking Corp acquired a new stake in AppLovin during the fourth quarter worth $817,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APP has been the subject of several research analyst reports. The Goldman Sachs Group raised their price target on AppLovin from $220.00 to $335.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Piper Sandler lifted their target price on AppLovin from $400.00 to $575.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. UBS Group increased their price target on shares of AppLovin from $440.00 to $630.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Wells Fargo & Company set a $538.00 price objective on shares of AppLovin and gave the company an "overweight" rating in a report on Thursday, February 27th. Finally, Loop Capital reaffirmed a "buy" rating and set a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $435.47.

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AppLovin Stock Up 4.5 %

Shares of NASDAQ:APP traded up $9.81 during trading on Monday, hitting $229.18. 8,059,617 shares of the company were exchanged, compared to its average volume of 5,611,232. The firm's 50 day moving average price is $342.89 and its 200-day moving average price is $289.58. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock has a market capitalization of $77.91 billion, a P/E ratio of 50.12, a PEG ratio of 3.02 and a beta of 2.39.

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

Insiders Place Their Bets

In related news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on 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 of the company's stock, valued at $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The transaction 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 company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. Insiders own 14.69% of the company's stock.

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.