Summit Global Investments Cuts Stock Position in AppLovin Co. (NASDAQ:APP)

Summit Global Investments reduced its position in AppLovin Co. (NASDAQ:APP) by 87.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,059 shares of the company’s stock after selling 29,366 shares during the quarter. Summit Global Investments’ holdings in AppLovin were worth $1,314,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Townsquare Capital LLC boosted its holdings in AppLovin by 64.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the period. State Street Corp boosted its holdings in AppLovin by 8.6% during the 3rd 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. Zacks Investment Management boosted its holdings in AppLovin by 328.1% during the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after acquiring an additional 81,331 shares during the period. Toronto Dominion Bank boosted its holdings in AppLovin by 38.8% during the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock valued at $3,286,000 after acquiring an additional 7,039 shares during the period. Finally, Oxinas Partners Wealth Management LLC purchased a new stake in AppLovin during the 4th quarter valued at about $1,081,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Up 2.4 %

Shares of NASDAQ:APP opened at $314.03 on Friday. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The firm has a market capitalization of $106.76 billion, a P/E ratio of 69.17, a P/E/G ratio of 3.02 and a beta of 2.33. The stock has a 50 day moving average price of $353.83 and a 200-day moving average price of $275.28. 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 (NASDAQ:APP) last announced its 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, equities research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the firm’s stock in a transaction that occurred 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 owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock valued at $106,401,841 in the last 90 days. Corporate insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wells Fargo & Company set a $538.00 target price on AppLovin and gave the company an “overweight” rating in a report on Thursday, February 27th. The Goldman Sachs Group increased their target price on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. UBS Group increased their target price on AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Loop Capital increased their price objective on AppLovin from $450.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Arete Research set a $200.00 price objective on AppLovin in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $438.28.

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.