Treasurer of the State of North Carolina Decreases Stock Position in AppLovin Co. (NASDAQ:APP)

Treasurer of the State of North Carolina cut its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 128,301 shares of the company's stock after selling 5,597 shares during the quarter. Treasurer of the State of North Carolina's holdings in AppLovin were worth $41,548,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC boosted its stake in shares of AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new stake in AppLovin during the 4th quarter valued at $1,781,922,000. Baillie Gifford & Co. increased its holdings in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after acquiring an additional 4,010,520 shares during the period. Norges Bank bought a new position in shares of AppLovin in the 4th quarter worth $828,138,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Bank of America boosted their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Loop Capital restated a "buy" rating and issued a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. Piper Sandler reduced their price target on AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a research report on Thursday. Arete Research set a $200.00 target price on AppLovin in a research note on Wednesday, March 5th. Finally, UBS Group decreased their price target on AppLovin from $630.00 to $450.00 and set a "buy" rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $424.84.

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AppLovin Stock Performance

APP traded down $9.65 during midday trading on Monday, hitting $240.30. 3,773,815 shares of the company were exchanged, compared to its average volume of 5,756,622. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $81.69 billion, a price-to-earnings ratio of 52.93, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company's 50 day simple moving average is $327.20 and its 200 day simple moving average is $294.56.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data 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 return on equity of 188.55% and a net margin of 33.54%. As a group, sell-side analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares in the company, valued at approximately $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is owned by company insiders.

AppLovin Company 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.