QRG Capital Management Inc. Has $23.63 Million Stock Position in AppLovin Co. (NASDAQ:APP)

QRG Capital Management Inc. raised its stake in shares of AppLovin Co. (NASDAQ:APP) by 181.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,959 shares of the company’s stock after purchasing an additional 47,079 shares during the quarter. QRG Capital Management Inc.’s holdings in AppLovin were worth $23,626,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in APP. Capital Performance Advisors LLP acquired a new stake in AppLovin during the third quarter valued at approximately $25,000. GHP Investment Advisors Inc. acquired a new stake in AppLovin during the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in AppLovin during the third quarter valued at approximately $27,000. Hemington Wealth Management boosted its holdings in AppLovin by 78.4% during 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 holdings in 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 purchasing an additional 62 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Trading Down 12.2 %

AppLovin stock opened at $331.00 on Thursday. The firm has a 50-day moving average of $368.06 and a 200-day moving average of $250.75. AppLovin Co. has a one year low of $57.40 and a one year 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. The company has a market cap of $111.08 billion, a price-to-earnings ratio of 72.91, a P/E/G ratio of 3.02 and a beta of 2.30.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. BTIG Research lifted 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. Piper Sandler lifted their target price on shares of AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Jefferies Financial Group lifted their target price on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Thursday, February 13th. Four 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 data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus price target of $452.29.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mary Margaret Hasti Georgiadis sold 30,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 154,500 shares of the company’s stock, valued at $52,482,105. This trade represents a 16.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,372 shares of company stock worth $92,519,099. Insiders own 14.69% of the company’s stock.

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.