Wright Investors Service Inc. Sells 3,190 Shares of AppLovin Co. (NASDAQ:APP)

Wright Investors Service Inc. reduced its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 39.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,820 shares of the company's stock after selling 3,190 shares during the period. Wright Investors Service Inc.'s holdings in AppLovin were worth $1,561,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC lifted its holdings in shares of AppLovin by 622.8% during 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. Fred Alger Management LLC acquired a new position in shares of AppLovin in the second quarter worth about $290,655,000. 1832 Asset Management L.P. increased its position in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company's stock worth $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC raised its holdings 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 valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of AppLovin by 31.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company's stock valued at $306,897,000 after acquiring an additional 560,560 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 500 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $406.27, for a total transaction of $203,135.00. Following the transaction, the director now owns 6,684 shares of the company's stock, valued at approximately $2,715,508.68. The trade was a 6.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now directly owns 405,676 shares of the company's stock, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock valued at $284,773,062 in the last quarter. Insiders own 14.69% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of AppLovin from $252.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Benchmark initiated coverage on AppLovin in a research report on Friday. They set a "buy" rating and a $375.00 price target on the stock. BTIG Research raised their price objective on AppLovin from $202.00 to $291.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Thursday, November 7th. Finally, UBS Group upgraded shares of AppLovin from a "neutral" rating to a "buy" rating and raised their price target for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $338.06.

AppLovin Stock Performance

Shares of APP stock traded up $5.41 during trading on Tuesday, reaching $321.09. The company had a trading volume of 3,220,987 shares, compared to its average volume of 4,378,135. The company has a market capitalization of $107.76 billion, a PE ratio of 97.30, a PEG ratio of 4.17 and a beta of 2.29. 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 firm's 50 day simple moving average is $321.54 and its two-hundred day simple moving average is $182.80. AppLovin Co. has a one year low of $39.43 and a one year high of $417.64.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company's quarterly revenue was up 38.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. Sell-side analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current year.

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.