Summit Global Investments Sells 29,366 Shares of AppLovin Co. (NASDAQ:APP)

Summit Global Investments lessened its stake in shares of AppLovin Co. (NASDAQ:APP) by 87.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,059 shares of the company’s stock after selling 29,366 shares during the period. Summit Global Investments’ holdings in AppLovin were worth $1,314,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of APP. FMR LLC lifted its position in shares of AppLovin by 622.8% in the third 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 in the last quarter. SVB Wealth LLC purchased a new stake in shares of AppLovin in the fourth quarter worth about $1,781,922,000. Baillie Gifford & Co. lifted its position in shares of AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of AppLovin in the fourth quarter worth about $535,070,000. Finally, Jennison Associates LLC purchased a new stake in shares of AppLovin in the fourth quarter worth about $414,462,000. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. UBS Group upped their price objective on AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Wells Fargo & Company set a $538.00 price objective on AppLovin and gave the company an “overweight” rating in a research report on Thursday, February 27th. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. Finally, Piper Sandler upped their price objective on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $438.28.

AppLovin Stock Up 2.4 %

Shares of NASDAQ APP opened at $314.03 on Friday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market capitalization of $106.76 billion, a PE ratio of 69.17, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. The stock’s fifty day simple moving average is $353.83 and its two-hundred day simple moving average is $275.28. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP) last announced its 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 return on equity of 188.55% and a net margin of 33.54%. As a group, analysts expect that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares in the company, valued at $201,675,501.85. This trade represents a 24.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the transaction, the chief executive officer now owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by corporate insiders.

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.