2,557,323 Shares in AppLovin Co. (NASDAQ:APP) Purchased by Norges Bank

Norges Bank acquired a new stake in AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,557,323 shares of the company’s stock, valued at approximately $828,138,000. Norges Bank owned 0.76% of AppLovin at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of APP. FMR LLC increased its holdings in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. SVB Wealth LLC bought a new stake in AppLovin in the fourth quarter worth approximately $1,781,922,000. Baillie Gifford & Co. lifted its position in shares of AppLovin by 5,421.4% during the 4th 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. Raymond James Financial Inc. bought a new position in shares of AppLovin during the 4th quarter worth about $535,070,000. Finally, Jennison Associates LLC bought a new position in AppLovin in the fourth quarter worth approximately $414,462,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 20.1 %

Shares of NASDAQ:APP opened at $261.70 on Friday. The stock has a market cap of $88.97 billion, a price-to-earnings ratio of 57.64, a PEG ratio of 3.02 and a beta of 2.33. The business has a 50-day moving average price of $353.26 and a 200-day moving average price of $280.42. 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 $60.67 and a 52-week high of $525.15.

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, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Equities analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on APP. The Goldman Sachs Group raised their price target 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. Wells Fargo & Company set a $538.00 target price on shares of AppLovin and gave the company an “overweight” rating in a research note on Thursday, February 27th. Citigroup increased their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. Finally, Piper Sandler increased their price target on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $438.28.

Insider Activity

In related news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at $21,359,201.85. The trade was a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 44,400 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by company insiders.

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.