AppLovin Co. (NASDAQ:APP) Position Reduced by Highland Capital Management LLC

Highland Capital Management LLC lowered its stake in AppLovin Co. (NASDAQ:APP) by 66.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 6,999 shares of the company’s stock after selling 13,781 shares during the period. Highland Capital Management LLC’s holdings in AppLovin were worth $2,266,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. FMR LLC lifted its position in shares of AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. WCM Investment Management LLC raised its stake in AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the period. Janus Henderson Group PLC lifted its holdings in AppLovin by 31.3% in the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after acquiring an additional 560,560 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after acquiring an additional 500,407 shares during the period. Finally, Geode Capital Management LLC boosted its stake in AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after acquiring an additional 449,241 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. UBS Group raised their target price on AppLovin from $315.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. BTIG Research boosted their target price on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wedbush restated an “outperform” rating and issued a $270.00 target price (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Jefferies Financial Group lifted their price target on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, Stifel Nicolaus increased their price objective on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $366.29.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 500 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $406.27, for a total transaction of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. This represents a 6.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the sale, the insider now directly owns 405,676 shares in the company, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock valued at $284,773,062 in the last quarter. Insiders own 14.69% of the company’s stock.

AppLovin Trading Down 0.2 %

AppLovin stock opened at $365.51 on Friday. AppLovin Co. has a one year low of $40.71 and a one year high of $417.64. The company’s fifty day moving average price is $340.85 and its two-hundred day moving average price is $205.26. The company has a market capitalization of $122.66 billion, a price-to-earnings ratio of 110.76, a PEG ratio of 2.96 and a beta of 2.29. 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 issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm’s revenue was up 38.6% compared to the same quarter last year. During the same period last year, the business earned $0.30 EPS. On average, analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

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.