Cerity Partners LLC Sells 460 Shares of AppLovin Co. (NASDAQ:APP)

Cerity Partners LLC trimmed its position in shares of AppLovin Co. (NASDAQ:APP) by 2.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,660 shares of the company’s stock after selling 460 shares during the period. Cerity Partners LLC’s holdings in AppLovin were worth $5,719,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in APP. FMR LLC lifted its stake in AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. SVB Wealth LLC purchased a new position in AppLovin during the 4th quarter valued at $1,781,922,000. Geode Capital Management LLC boosted its stake in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock valued at $1,462,144,000 after purchasing an additional 573,310 shares during the period. Baillie Gifford & Co. boosted its position in 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 buying an additional 4,010,520 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in AppLovin by 457.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock worth $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

NASDAQ APP opened at $249.95 on Friday. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock’s fifty day moving average is $327.20 and its two-hundred day moving average is $293.41. The firm has a market capitalization of $84.97 billion, a P/E ratio of 55.06, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock worth $106,401,841 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on APP shares. UBS Group dropped their target price on shares of AppLovin from $630.00 to $450.00 and set a “buy” rating on the stock in a report on Friday. Piper Sandler dropped their target price on AppLovin from $575.00 to $425.00 and set an “overweight” rating on the stock in a research note on Thursday. Bank of America upped their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Benchmark raised their price objective on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, Wells Fargo & Company reduced their target price on shares of AppLovin from $538.00 to $386.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $424.84.

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.