BI Asset Management Fondsmaeglerselskab A S Cuts Stock Position in AppLovin Co. (NASDAQ:APP)

BI Asset Management Fondsmaeglerselskab A S decreased its stake in shares of AppLovin Co. (NASDAQ:APP) by 36.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,675 shares of the company’s stock after selling 40,494 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in AppLovin were worth $22,887,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. FMR LLC boosted 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 stake in shares of AppLovin during the fourth quarter valued at approximately $1,781,922,000. Geode Capital Management LLC increased its position 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 acquiring an additional 573,310 shares in the last quarter. Baillie Gifford & Co. raised its holdings in AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. lifted its position in AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after acquiring an additional 1,222,074 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 3.7 %

Shares of APP stock opened at $238.22 on Friday. 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 has a fifty day simple moving average of $313.27 and a two-hundred day simple moving average of $296.01. The firm has a market capitalization of $80.98 billion, a PE ratio of 52.47, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15.

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

Insider Buying and Selling at AppLovin

In related 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 completion of the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction on Monday, March 10th. The shares were 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 $21,359,201.85. This trade represents a 16.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 306,900 shares of company stock worth $106,401,841. Insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on APP shares. Oppenheimer restated an “outperform” rating and issued a $560.00 price target on shares of AppLovin in a research note on Thursday, March 27th. FBN Securities started 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. The Goldman Sachs Group dropped their price target on shares of AppLovin from $500.00 to $335.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Loop Capital restated a “buy” rating and issued a $650.00 target price on shares of AppLovin in a report on Friday, March 28th. Finally, Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Monday, March 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $424.84.

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.