Cigna Investments Inc. New Decreases Stock Holdings in AppLovin Co. (NASDAQ:APP)

Cigna Investments Inc. New lowered its stake in shares of AppLovin Co. (NASDAQ:APP) by 2.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,582 shares of the company’s stock after selling 69 shares during the period. Cigna Investments Inc. New’s holdings in AppLovin were worth $836,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of APP. Capital Performance Advisors LLP bought a new stake in AppLovin during the third quarter worth about $25,000. GHP Investment Advisors Inc. bought a new stake in AppLovin during the fourth quarter worth about $25,000. DT Investment Partners LLC bought a new stake in AppLovin during the third quarter worth about $27,000. Meeder Asset Management Inc. bought a new stake in AppLovin during the third quarter worth about $27,000. Finally, Raleigh Capital Management Inc. bought a new stake in AppLovin during the third quarter worth about $29,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 15,971 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the sale, the insider now directly owns 372,205 shares in the company, valued at $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the sale, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 828,991 shares of company stock valued at $267,640,144. Corporate insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on APP shares. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Wells Fargo & Company increased their price objective 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. Jefferies Financial Group increased their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Bank of America increased their price objective on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average target price of $366.29.

AppLovin Stock Up 2.3 %

NASDAQ:APP opened at $384.40 on Tuesday. The company’s 50 day moving average is $347.00 and its two-hundred day moving average is $221.43. The company has a market cap of $129.00 billion, a PE ratio of 116.49, a P/E/G ratio of 3.10 and a beta of 2.30. 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 Co. has a twelve month low of $45.12 and a twelve month high of $417.64.

AppLovin 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.