Bleakley Financial Group LLC Has $2.89 Million Holdings in AppLovin Co. (NASDAQ:APP)

Bleakley Financial Group LLC cut its position in AppLovin Co. (NASDAQ:APP) by 7.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 8,936 shares of the company’s stock after selling 712 shares during the quarter. Bleakley Financial Group LLC’s holdings in AppLovin were worth $2,894,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares during the last quarter. Jennison Associates LLC bought a new position in shares of AppLovin in the fourth quarter worth about $414,462,000. WCM Investment Management LLC raised its stake in shares of AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of AppLovin by 31.3% in the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after acquiring an additional 560,560 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its stake in shares of AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Up 3.4 %

Shares of NASDAQ APP opened at $380.63 on Friday. The stock has a market cap of $127.74 billion, a P/E ratio of 115.34, a P/E/G ratio of 3.00 and a beta of 2.30. The firm has a 50 day moving average price of $345.34 and a 200 day moving average price of $215.31. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. 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 for the quarter, beating the consensus estimate 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 business’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 earnings per share. Analysts expect that AppLovin Co. will post 4.09 EPS for the current year.

Insider Activity

In related news, CFO Herald Y. Chen sold 400 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $366.16, for a total transaction of $146,464.00. Following the completion of the transaction, the chief financial officer now owns 207,649 shares in the company, valued at approximately $76,032,757.84. This represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the transaction, the insider now owns 372,205 shares of the company’s stock, valued at $116,526,219.35. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 888,867 shares of company stock worth $284,773,062 over the last quarter. 14.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research analyst reports. Citigroup boosted their target price on shares of AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Loop Capital boosted their target price on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Macquarie boosted their price target on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Jefferies Financial Group boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $366.29.

AppLovin Profile

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.