Cigna Investments Inc. New Has $836,000 Holdings in AppLovin Co. (NASDAQ:APP)

Cigna Investments Inc. New cut its stake in AppLovin Co. (NASDAQ:APP) by 2.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,582 shares of the company’s stock after selling 69 shares during the period. Cigna Investments Inc. New’s holdings in AppLovin were worth $836,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of APP. FMR LLC increased its holdings in AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares in the last quarter. Jennison Associates LLC acquired a new stake in AppLovin during the 4th quarter valued at $414,462,000. WCM Investment Management LLC increased its holdings in AppLovin by 10.5% during the 3rd 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 in the last quarter. Janus Henderson Group PLC increased its stake in shares of AppLovin by 31.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after buying an additional 560,560 shares during the period. Finally, Eagle Asset Management Inc. increased its stake in shares of AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

APP has been the subject of several research reports. Oppenheimer reissued an “outperform” rating and issued a $480.00 target price on shares of AppLovin in a research note on Tuesday, December 10th. Citigroup lifted their target price on AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Benchmark assumed coverage on AppLovin in a research note on Friday, January 10th. They issued a “buy” rating and a $375.00 target price for the company. Wedbush restated an “outperform” rating and issued a $270.00 price target (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $366.29.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 15,971 shares of the business’s stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the sale, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 828,991 shares of company stock valued at $267,640,144. 14.69% of the stock is owned by insiders.

AppLovin Stock Performance

APP opened at $384.40 on Tuesday. The business’s 50-day moving average price is $347.00 and its two-hundred day moving average price is $221.43. AppLovin Co. has a 1 year low of $45.12 and a 1 year high of $417.64. The company has a market capitalization of $129.00 billion, a price-to-earnings ratio of 116.49, a P/E/G ratio of 3.10 and a beta of 2.30. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

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.