58,422 Shares in AppLovin Co. (NASDAQ:APP) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new position in AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 58,422 shares of the company’s stock, valued at approximately $19,001,000.

A number of other hedge funds have also recently modified their holdings of the business. Wells Fargo & Company MN increased its position in AppLovin by 17.2% during the 4th quarter. Wells Fargo & Company MN now owns 293,992 shares of the company’s stock valued at $95,204,000 after buying an additional 43,168 shares in the last quarter. Proem Advisors LLC purchased a new stake in AppLovin during the 4th quarter valued at about $3,238,000. Pitcairn Co. lifted its stake in shares of AppLovin by 8.6% in the fourth quarter. Pitcairn Co. now owns 31,110 shares of the company’s stock worth $10,074,000 after buying an additional 2,473 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in AppLovin in the 4th quarter worth approximately $13,335,000. Finally, World Investment Advisors bought a new position in AppLovin in the 4th quarter valued at approximately $847,000. Institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on APP. Benchmark lifted their target price on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Oppenheimer reiterated an “outperform” rating and issued a $560.00 price objective on shares of AppLovin in a report on Thursday, March 27th. FBN Securities initiated coverage on shares of AppLovin in a research note on Friday, March 28th. They set an “outperform” rating and a $385.00 target price on the stock. Wells Fargo & Company set a $538.00 price target on shares of AppLovin and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $435.47.

AppLovin Stock Performance

Shares of APP opened at $219.37 on Friday. The business has a 50-day simple moving average of $342.89 and a two-hundred day simple moving average of $288.42. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The stock has a market cap of $74.58 billion, a price-to-earnings ratio of 48.32, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last released its earnings results 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, analysts expect that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is owned by corporate insiders.

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.