MV Capital Management Inc. Lowers Stock Holdings in AppLovin Co. (NASDAQ:APP)

MV Capital Management Inc. cut its holdings in AppLovin Co. (NASDAQ:APP) by 6.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,305 shares of the company’s stock after selling 84 shares during the quarter. MV Capital Management Inc.’s holdings in AppLovin were worth $423,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. SVB Wealth LLC purchased a new stake in AppLovin in the 4th quarter worth $1,781,922,000. Baillie Gifford & Co. grew 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 valued at $1,322,682,000 after purchasing an additional 4,010,520 shares during the period. Norges Bank purchased a new stake in shares of AppLovin during the fourth quarter worth about $828,138,000. Raymond James Financial Inc. acquired a new position in shares of AppLovin during the 4th quarter worth about $535,070,000. Finally, Jennison Associates LLC purchased a new position in AppLovin in the 4th quarter valued at about $414,462,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Up 4.1 %

Shares of APP opened at $272.38 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 firm has a market cap of $92.60 billion, a P/E ratio of 60.00, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. The company’s 50-day moving average price is $351.86 and its 200 day moving average price is $281.71. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15.

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

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock worth $106,401,841 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Jefferies Financial Group boosted their price objective on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. UBS Group boosted their price target on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Loop Capital restated a “buy” rating on shares of AppLovin in a report on Friday. Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. Finally, 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. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $435.47.

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.