Massachusetts Financial Services Co. MA Sells 87,500 Shares of AppLovin Co. (NASDAQ:APP)

Massachusetts Financial Services Co. MA lowered its holdings in shares of AppLovin Co. (NASDAQ:APP) by 53.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,503 shares of the company’s stock after selling 87,500 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in AppLovin were worth $24,450,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of APP. State Street Corp raised its holdings in AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares in the last quarter. Zacks Investment Management increased its holdings 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 last quarter. Toronto Dominion Bank raised its stake in shares of AppLovin by 38.8% in the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock valued at $3,286,000 after acquiring an additional 7,039 shares in the last quarter. Oxinas Partners Wealth Management LLC acquired a new stake in AppLovin in the 4th quarter worth approximately $1,081,000. Finally, Virtu Financial LLC bought a new stake in AppLovin during the third quarter worth approximately $3,211,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was 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 directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock valued at $106,401,841 in the last ninety days. Insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. Arete Research set a $200.00 target price on shares of AppLovin in a research report on Wednesday, March 5th. Bank of America raised their price target on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. The Goldman Sachs Group boosted their price objective on AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Finally, Benchmark raised their target price on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $435.47.

AppLovin Trading Down 16.3 %

APP stock opened at $219.37 on Monday. 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 cap of $74.58 billion, a P/E ratio of 48.32, a P/E/G ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The business’s 50 day moving average is $342.89 and its 200-day moving average is $289.58.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (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%. Equities analysts anticipate that AppLovin Co. will post 6.87 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.