WCM Investment Management LLC Has $2.32 Billion Holdings in AppLovin Co. (NASDAQ:APP)

WCM Investment Management LLC reduced its position in shares of AppLovin Co. (NASDAQ:APP) by 36.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,927,558 shares of the company’s stock after selling 3,892,851 shares during the quarter. AppLovin accounts for about 5.5% of WCM Investment Management LLC’s investment portfolio, making the stock its 2nd biggest holding. WCM Investment Management LLC’s holdings in AppLovin were worth $2,323,364,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. GHP Investment Advisors Inc. bought a new stake in shares of AppLovin in the fourth quarter worth approximately $25,000. Fifth Third Bancorp grew its position in AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after buying an additional 62 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in AppLovin by 139.1% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 153 shares of the company’s stock valued at $50,000 after buying an additional 89 shares during the period. Capital Performance Advisors LLP bought a new stake in AppLovin during the third quarter valued at approximately $25,000. Finally, Meeder Asset Management Inc. bought a new stake in AppLovin during the third quarter valued at approximately $27,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Price Performance

AppLovin stock opened at $375.72 on Friday. The company has a market cap of $126.09 billion, a price-to-earnings ratio of 113.85, a PEG ratio of 3.10 and a beta of 2.30. The firm’s fifty day moving average is $346.12 and its 200 day moving average is $218.27. 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 $45.12 and a 52-week high of $417.64.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. AppLovin’s revenue was up 38.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 earnings per share. Sell-side analysts forecast that AppLovin Co. will post 4.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

APP has been the subject of several recent research reports. The Goldman Sachs Group boosted their target price 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. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Piper Sandler began coverage on shares of AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price for the company. Macquarie lifted their price target on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, Wedbush reaffirmed an “outperform” rating and set a $270.00 price target (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $366.29.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the transaction, the director now owns 2,987 shares in the company, valued at $952,673.78. The trade was a 85.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 17,925 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the transaction, the insider now owns 405,676 shares in the company, valued at approximately $143,670,155.40. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 888,867 shares of company stock worth $284,773,062 over the last quarter. Insiders own 14.69% of the company’s stock.

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.