Fmr LLC Buys 5,957,885 Shares of AppLovin Co. (NASDAQ:APP)

Fmr LLC boosted its stake in shares of AppLovin Co. (NASDAQ:APP) by 75.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,851,122 shares of the company’s stock after buying an additional 5,957,885 shares during the quarter. Fmr LLC’s holdings in AppLovin were worth $4,485,409,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. GHP Investment Advisors Inc. bought a new stake in shares of AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co increased its stake in AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares during the period. Tucker Asset Management LLC bought a new stake in shares of AppLovin during the fourth quarter worth $28,000. Hemington Wealth Management boosted its stake in shares of 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 during the period. Finally, Fifth Third Bancorp grew its holdings in shares of AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after purchasing an additional 62 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 over the last three months. 14.69% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on APP. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. UBS Group increased their price objective on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Arete Research set a $200.00 target price on AppLovin in a research report on Wednesday, March 5th. Jefferies Financial Group increased their price target on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, FBN Securities began coverage on AppLovin in a report on Friday, March 28th. They issued an “outperform” rating and a $385.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $435.47.

AppLovin Stock Down 16.3 %

APP stock opened at $219.37 on Friday. 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 capitalization of $74.58 billion, a PE ratio of 48.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The firm has a 50 day moving average of $342.89 and a 200 day moving average of $288.42.

AppLovin (NASDAQ:APP) last released 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%. Sell-side analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current year.

About AppLovin

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.