Arrowstreet Capital Limited Partnership Boosts Holdings in AppLovin Co. (NASDAQ:APP)

Arrowstreet Capital Limited Partnership increased its stake in shares of AppLovin Co. (NASDAQ:APP) by 457.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,893,148 shares of the company’s stock after purchasing an additional 2,373,885 shares during the quarter. AppLovin comprises about 0.7% of Arrowstreet Capital Limited Partnership’s portfolio, making the stock its 16th biggest position. Arrowstreet Capital Limited Partnership’s holdings in AppLovin were worth $936,888,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. GHP Investment Advisors Inc. acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $25,000. Riverview Trust Co boosted its stake in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares during the period. Tucker Asset Management LLC purchased a new position in AppLovin during the 4th quarter worth $28,000. Hemington Wealth Management increased its position in AppLovin by 78.4% in the 4th 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 period. Finally, Fifth Third Bancorp increased its holdings in shares of AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after purchasing an additional 62 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the transaction, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction dated 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 sale, the chief technology officer now owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock valued at $106,401,841 over the last quarter. Insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on APP shares. Piper Sandler raised their target price on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. UBS Group raised their price objective on shares of AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Bank of America boosted their target price on AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. FBN Securities initiated coverage on AppLovin in a report on Friday. They issued an “outperform” rating and a $385.00 price target for the company. Finally, Arete Research set a $200.00 price objective on AppLovin in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $435.47.

AppLovin Stock Up 4.1 %

Shares of NASDAQ APP opened at $272.38 on Friday. The firm’s 50-day moving average is $351.86 and its two-hundred day moving average is $283.07. The company has a market capitalization of $92.60 billion, a PE ratio of 60.00, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, beating 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%. Equities analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal 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.