Westpac Banking Corp Makes New $817,000 Investment in AppLovin Co. (NASDAQ:APP)

Westpac Banking Corp bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,522 shares of the company's stock, valued at approximately $817,000.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp grew its position in shares of 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 purchasing an additional 428,419 shares in the last quarter. Zacks Investment Management lifted its position in shares of AppLovin by 328.1% during the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company's stock valued at $13,854,000 after acquiring an additional 81,331 shares during the period. Toronto Dominion Bank increased its position in shares of AppLovin by 38.8% in the third quarter. Toronto Dominion Bank now owns 25,174 shares of the company's stock worth $3,286,000 after purchasing an additional 7,039 shares during the period. Oxinas Partners Wealth Management LLC bought a new stake in AppLovin during the fourth quarter worth about $1,081,000. Finally, Virtu Financial LLC bought a new position in AppLovin in the 3rd quarter valued at about $3,211,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the transaction, the chief executive officer now directly owns 2,869,492 shares of the company's stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction 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 transaction, the director now 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 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. Company insiders own 14.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Oppenheimer reissued an "outperform" rating and issued a $560.00 price objective on shares of AppLovin in a research note on Thursday, March 27th. FBN Securities initiated coverage on shares of AppLovin in a research note on Friday, March 28th. They set an "outperform" rating and a $385.00 target price on the stock. Arete Research set a $200.00 price objective on AppLovin in a research note on Wednesday, March 5th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Monday, March 17th. Finally, Benchmark increased their price target on AppLovin from $375.00 to $525.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $435.47.

AppLovin Price Performance

APP stock traded up $13.24 during mid-day trading on Tuesday, hitting $245.46. 5,584,236 shares of the stock were exchanged, compared to its average volume of 5,632,946. 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 $83.45 billion, a price-to-earnings ratio of 54.18, a PEG ratio of 3.02 and a beta of 2.39. The business has a fifty day moving average price of $340.67 and a 200 day moving average price of $290.34. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 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%. On average, sell-side analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

About AppLovin

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.