Pacer Advisors Inc. Lowers Position in AppLovin Co. (NASDAQ:APP)

Pacer Advisors Inc. reduced its stake in AppLovin Co. (NASDAQ:APP) by 29.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 62,933 shares of the company’s stock after selling 25,828 shares during the period. Pacer Advisors Inc.’s holdings in AppLovin were worth $8,216,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of APP. Covestor Ltd lifted its stake in AppLovin by 85.8% during the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after purchasing an additional 236 shares in the last quarter. UniSuper Management Pty Ltd purchased a new position in AppLovin during the 1st quarter valued at about $180,000. Bessemer Group Inc. grew its position in AppLovin by 131,600.0% in the 1st quarter. Bessemer Group Inc. now owns 6,585 shares of the company’s stock valued at $456,000 after acquiring an additional 6,580 shares in the last quarter. Shell Asset Management Co. increased its stake in AppLovin by 68.8% during the first quarter. Shell Asset Management Co. now owns 6,301 shares of the company’s stock worth $436,000 after purchasing an additional 2,569 shares during the period. Finally, Toronto Dominion Bank acquired a new stake in shares of AppLovin during the first quarter worth about $1,193,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 154,500 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the completion of the sale, the chief technology officer now owns 4,530,455 shares in the company, valued at $381,192,483.70. This represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew Stumpf sold 21,101 shares of AppLovin stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the transaction, the chief financial officer now owns 213,336 shares in the company, valued at approximately $70,970,487.12. This trade represents a 9.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,065 shares of company stock valued at $233,072,408. Insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on APP shares. Wells Fargo & Company upped their target price on shares of AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday. Macquarie increased their price objective on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Bank of America boosted their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. BTIG Research increased their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $222.96.

AppLovin Trading Up 4.7 %

NASDAQ:APP opened at $333.31 on Friday. The company has a market capitalization of $111.86 billion, a PE ratio of 101.00, a P/E/G ratio of 3.92 and a beta of 1.86. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $342.51. The stock’s 50 day moving average price is $181.30 and its 200 day moving average price is $117.41. 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) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the firm posted $0.30 earnings per share. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. On average, research analysts anticipate that AppLovin Co. will post 4.05 EPS for the current year.

AppLovin Company 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.