Prudential Financial Inc. Sells 10,825 Shares of AppLovin Co. (NASDAQ:APP)

Prudential Financial Inc. cut its stake in AppLovin Co. (NASDAQ:APP) by 32.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,765 shares of the company’s stock after selling 10,825 shares during the quarter. Prudential Financial Inc.’s holdings in AppLovin were worth $7,372,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GHP Investment Advisors Inc. bought a new stake in shares of AppLovin in the 4th quarter worth about $25,000. Riverview Trust Co raised its position in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares during the period. Hemington Wealth Management lifted its stake in AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after purchasing an additional 40 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after buying an additional 62 shares during the period. Finally, Smithfield Trust Co bought a new position in shares of AppLovin during the fourth quarter valued at approximately $32,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

APP opened at $272.38 on Friday. The firm has a market capitalization of $92.60 billion, a PE ratio of 60.00, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. The business’s 50-day moving average is $351.86 and its two-hundred day moving average is $283.07. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

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

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on APP shares. Jefferies Financial Group raised their price target on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Piper Sandler lifted their target price on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Stifel Nicolaus upped their price target on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Citigroup lifted their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $435.47.

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.