DnB Asset Management AS Has $11.68 Million Stock Position in AppLovin Co. (NASDAQ:APP)

DnB Asset Management AS grew its holdings in shares of AppLovin Co. (NASDAQ:APP) by 4.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 36,052 shares of the company’s stock after purchasing an additional 1,681 shares during the period. DnB Asset Management AS’s holdings in AppLovin were worth $11,675,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. SVB Wealth LLC acquired a new position in AppLovin during the 4th quarter worth about $1,781,922,000. Baillie Gifford & Co. raised its position 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 worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Norges Bank acquired a new position in shares of AppLovin in the fourth quarter worth approximately $828,138,000. Raymond James Financial Inc. bought a new stake in AppLovin in the fourth quarter valued at approximately $535,070,000. Finally, Jennison Associates LLC acquired a new stake in AppLovin during the 4th quarter valued at approximately $414,462,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ APP opened at $272.38 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a fifty day moving average price of $351.86 and a 200-day moving average price of $283.07. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The firm has a market cap of $92.60 billion, a price-to-earnings ratio of 60.00, a PEG ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data 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%. As a group, equities research analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 17,500 shares of the firm’s 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 completion of the sale, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on APP shares. Loop Capital restated a “buy” rating on shares of AppLovin in a research report on Friday. Bank of America boosted their target price on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Benchmark upped their target price on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Citigroup lifted their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Macquarie increased their price target on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $435.47.

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.