GAMMA Investing LLC Raises Stake in AppLovin Co. (NASDAQ:APP)

GAMMA Investing LLC raised its position in AppLovin Co. (NASDAQ:APP) by 9.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,817 shares of the company’s stock after purchasing an additional 152 shares during the period. GAMMA Investing LLC’s holdings in AppLovin were worth $588,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC raised its stake in AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. Fred Alger Management LLC purchased a new position in shares of AppLovin in the 2nd quarter valued at about $290,655,000. 1832 Asset Management L.P. raised its position in shares of AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC lifted its stake in AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in AppLovin by 31.3% in the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after purchasing an additional 560,560 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Performance

Shares of APP opened at $350.65 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 $37.40 and a 52-week high of $417.64. The company has a 50-day simple moving average of $302.03 and a 200-day simple moving average of $171.60. The company has a market capitalization of $117.68 billion, a PE ratio of 106.26, a P/E/G ratio of 4.17 and a beta of 2.28.

AppLovin (NASDAQ:APP) last issued its 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 during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period last year, the company posted $0.30 earnings per share. Equities research analysts predict that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares in the company, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 888,867 shares of company stock valued at $284,773,062. 14.69% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on APP shares. Bank of America raised their price objective on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Loop Capital raised their price objective on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Jefferies Financial Group boosted their target price on AppLovin from $270.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $310.71.

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.