Asahi Life Asset Management CO. LTD. Reduces Stock Holdings in AppLovin Co. (NASDAQ:APP)

Asahi Life Asset Management CO. LTD. reduced its stake in AppLovin Co. (NASDAQ:APP) by 53.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,380 shares of the company’s stock after selling 1,570 shares during the period. Asahi Life Asset Management CO. LTD.’s holdings in AppLovin were worth $447,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. WCM Investment Management LLC increased its stake in AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. FMR LLC boosted its holdings in shares of 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 acquiring an additional 6,801,138 shares during the period. SVB Wealth LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $1,781,922,000. State Street Corp boosted its holdings in shares of AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares during the period. Finally, Baillie Gifford & Co. boosted its holdings 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 acquiring an additional 4,010,520 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 500 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $406.27, for a total value of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. The trade was a 6.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 44,400 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the transaction, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 224,872 shares of company stock valued at $82,158,554 in the last 90 days. 14.69% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on APP. Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. increased their price objective on AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Piper Sandler increased their price objective on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Oppenheimer reissued an “outperform” rating and issued a $560.00 price objective (up from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Finally, Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $452.29.

AppLovin Price Performance

AppLovin stock opened at $325.78 on Friday. AppLovin Co. has a one year low of $57.40 and a one year high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The business has a fifty day moving average of $367.79 and a two-hundred day moving average of $254.18. The company has a market cap of $109.33 billion, a P/E ratio of 71.76, a price-to-earnings-growth ratio of 3.02 and a beta of 2.30.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. As a group, analysts predict that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

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.