Main Management ETF Advisors LLC Sells 1,856 Shares of AppLovin Co. (NASDAQ:APP)

Main Management ETF Advisors LLC cut its position in AppLovin Co. (NASDAQ:APP) by 8.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 20,648 shares of the company’s stock after selling 1,856 shares during the period. AppLovin makes up about 0.3% of Main Management ETF Advisors LLC’s investment portfolio, making the stock its 21st largest holding. Main Management ETF Advisors LLC’s holdings in AppLovin were worth $6,686,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC raised its holdings 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 acquiring an additional 5,957,885 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of AppLovin in the fourth quarter worth $1,781,922,000. Geode Capital Management LLC lifted its holdings 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 in the last quarter. Baillie Gifford & Co. lifted its holdings in shares of AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after buying an additional 1,222,074 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of a number of recent analyst reports. Loop Capital reissued a “buy” rating and issued a $650.00 target price on shares of AppLovin in a research report on Friday, March 28th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $270.00 to $355.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Piper Sandler increased their price objective on shares of AppLovin from $425.00 to $455.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Benchmark reaffirmed a “buy” rating and issued a $525.00 target price on shares of AppLovin in a research report on Thursday, May 8th. Finally, Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $433.85.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 44,400 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the transaction, the chief executive officer now directly owns 2,869,492 shares in the company, valued at $1,179,045,567.88. This represents a 1.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred 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 sale, the chief technology officer now owns 88,389 shares in the company, 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 in the last three months. Company insiders own 14.69% of the company’s stock.

AppLovin Stock Up 6.4%

APP stock opened at $370.10 on Wednesday. The business’s 50-day moving average price is $278.36 and its 200-day moving average price is $314.35. The stock has a market cap of $125.82 billion, a P/E ratio of 81.52, a PEG ratio of 3.02 and a beta of 2.39. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 earnings per share. On average, equities research analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

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.