Bank of New York Mellon Corp Acquires 30,154 Shares of AppLovin Co. (NASDAQ:APP)

Bank of New York Mellon Corp raised its holdings in AppLovin Co. (NASDAQ:APP) by 3.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,032,315 shares of the company’s stock after buying an additional 30,154 shares during the quarter. Bank of New York Mellon Corp’s holdings in AppLovin were worth $334,294,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of AppLovin in the 3rd quarter worth about $25,000. GHP Investment Advisors Inc. bought a new stake in AppLovin during the 4th quarter worth approximately $25,000. Meeder Asset Management Inc. purchased a new stake in shares of AppLovin in the third quarter worth approximately $27,000. Hemington Wealth Management lifted its holdings in shares of AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after buying an additional 62 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 12.2 %

Shares of AppLovin stock opened at $331.00 on Thursday. The stock has a market capitalization of $111.08 billion, a P/E ratio of 72.91, a P/E/G ratio of 3.02 and a beta of 2.30. AppLovin Co. has a 52-week low of $57.40 and a 52-week high of $525.15. 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’s 50-day simple moving average is $368.06 and its 200 day simple moving average is $250.75.

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

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Mary Margaret Hasti Georgiadis sold 30,500 shares of AppLovin stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $339.69, for a total transaction of $10,360,545.00. Following the completion of the transaction, the director now owns 154,500 shares of the company’s stock, valued at $52,482,105. The trade was a 16.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the 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 directly owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 255,372 shares of company stock valued at $92,519,099 in the last 90 days. 14.69% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

APP has been the topic of several recent analyst reports. The Goldman Sachs Group raised their price objective on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Wells Fargo & Company raised their price target on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Stifel Nicolaus upped their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler boosted their target price on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $442.18.

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.