USS Investment Management Ltd Purchases New Position in AppLovin Co. (NASDAQ:APP)

USS Investment Management Ltd acquired a new position in shares of AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 38,895 shares of the company’s stock, valued at approximately $12,603,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. acquired a new stake in shares of AppLovin during the fourth quarter valued at about $25,000. Fuller & Thaler Asset Management Inc. bought a new stake in AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co increased its position in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Tucker Asset Management LLC acquired a new position in AppLovin in the 4th quarter valued at approximately $28,000. Finally, Hemington Wealth Management raised its stake in shares of AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after acquiring an additional 40 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, Director Herald Y. Chen sold 400,000 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now directly owns 221,209 shares of the company’s stock, valued at $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now 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 disclosure for this sale can be found here. Insiders sold a total of 1,119,470 shares of company stock worth $409,752,180 over the last quarter. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

Shares of NASDAQ APP opened at $363.05 on Wednesday. The firm’s 50-day moving average price is $288.92 and its 200-day moving average price is $321.26. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market capitalization of $122.85 billion, a P/E ratio of 79.97, a P/E/G ratio of 3.02 and a beta of 2.39. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

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

Analyst Ratings Changes

APP has been the topic of several analyst reports. The Goldman Sachs Group boosted their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Bank of America upped 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. HSBC set a $436.00 price objective on AppLovin and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Citigroup lifted their price objective on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Oppenheimer reissued an “outperform” rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $433.85.

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.