Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in AppLovin Co. (NASDAQ:APP)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in AppLovin Co. (NASDAQ:APP) by 0.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 44,609 shares of the company’s stock after selling 48 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in AppLovin were worth $14,446,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the fourth quarter valued at about $25,000. Meeder Asset Management Inc. bought a new stake in shares of AppLovin in the third quarter worth about $27,000. Riverview Trust Co increased its holdings in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the period. Hemington Wealth Management raised its position in AppLovin by 78.4% during the 4th 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 last quarter. Finally, Fifth Third Bancorp lifted its holdings in AppLovin by 172.2% in the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after buying an additional 62 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on APP shares. Jefferies Financial Group boosted their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Thursday, February 13th. Bank of America raised their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. The Goldman Sachs Group boosted their price target 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. Finally, Piper Sandler increased their price target on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $438.28.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 44,400 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the sale, the chief executive officer now directly 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the transaction, the insider now directly owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This trade represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 322,871 shares of company stock valued at $111,401,882 over the last 90 days. Corporate insiders own 14.69% of the company’s stock.

AppLovin Trading Up 5.8 %

NASDAQ APP opened at $272.59 on Thursday. The stock’s fifty day moving average price is $359.55 and its 200-day moving average price is $265.25. 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 cap of $92.67 billion, a P/E ratio of 60.04, a P/E/G ratio of 3.02 and a beta of 2.33. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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%. As a group, equities analysts forecast that AppLovin Co. will post 6.87 EPS for the current fiscal 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.