AppLovin Co. (NASDAQ:APP) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of AppLovin Co. (NASDAQ:APP) by 41.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 119,292 shares of the company’s stock after selling 84,013 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AppLovin were worth $40,471,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of AppLovin during the 3rd quarter worth about $25,000. GHP Investment Advisors Inc. purchased a new stake in AppLovin in the fourth quarter valued at $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin during the third quarter worth about $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin during the third quarter worth about $27,000. Finally, Raleigh Capital Management Inc. purchased a new stake in shares of AppLovin in the 3rd quarter valued at about $29,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Piper Sandler lifted their price target on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday. Oppenheimer reiterated an “outperform” rating and issued a $560.00 price target (up previously from $480.00) on shares of AppLovin in a research report on Thursday. Macquarie raised 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. Benchmark increased their target price on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Stifel Nicolaus boosted their price target on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $422.18.

Insider Activity

In other news, Director Craig Scott Billings sold 18,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total value of $5,740,920.00. Following the sale, the director now directly owns 2,987 shares in the company, valued at $952,673.78. This represents a 85.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 593,588 shares of AppLovin stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,991 shares of company stock worth $267,640,144 over the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Trading Up 8.2 %

Shares of APP opened at $510.13 on Friday. AppLovin Co. has a twelve month low of $52.75 and a twelve month 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 $171.19 billion, a P/E ratio of 154.59, a PEG ratio of 3.10 and a beta of 2.30. The firm’s 50-day moving average is $351.33 and its two-hundred day moving average is $229.34.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. On average, research analysts predict that AppLovin Co. will post 4.09 earnings per share for the current fiscal year.

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.