AppLovin Co. (NASDAQ:APP) Shares Sold by Fred Alger Management LLC

by · The Cerbat Gem

Fred Alger Management LLC decreased its position in shares of AppLovin Co. (NASDAQ:APP – Free Report) by 28.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,530,729 shares of the company’s stock after selling 1,008,738 shares during the quarter. AppLovin accounts for approximately 3.9% of Fred Alger Management LLC’s investment portfolio, making the stock its 6th largest holding. Fred Alger Management LLC’s holdings in AppLovin were worth $819,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GHP Investment Advisors Inc. purchased a new stake in AppLovin in the 4th quarter worth approximately $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin in the fourth quarter worth about $25,000. Riverview Trust Co grew its position in shares of 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 acquiring an additional 82 shares during the period. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter worth approximately $28,000. Finally, Hemington Wealth Management increased its position in shares of AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. Bank of America boosted their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Loop Capital reissued a “buy” rating and set a $650.00 target price on shares of AppLovin in a report on Friday, March 28th. FBN Securities began coverage on AppLovin in a research note on Friday, March 28th. They issued an “outperform” rating and a $385.00 price target on the stock. Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group lowered their target price on shares of AppLovin from $500.00 to $335.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $415.15.

View Our Latest Report on AppLovin

AppLovin Price Performance

NASDAQ:APP opened at $303.46 on Thursday. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The stock’s fifty day moving average is $275.48 and its two-hundred day moving average is $308.12. The company has a market capitalization of $103.16 billion, a P/E ratio of 66.84, a P/E/G ratio of 3.02 and a beta of 2.39. 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 (NASDAQ:APP – Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. AppLovin’s revenue for the quarter was up 40.3% compared to the same quarter last year. Equities analysts expect that AppLovin Co. will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This represents a 24.35 % 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, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred 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 owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is currently owned by insiders.

AppLovin Profile

(Free Report)

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.

Further Reading

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