abrdn plc Decreases Stock Holdings in AppLovin Co. (NASDAQ:APP)

abrdn plc lessened its holdings in AppLovin Co. (NASDAQ:APP) by 20.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 39,725 shares of the company’s stock after selling 9,966 shares during the quarter. abrdn plc’s holdings in AppLovin were worth $12,864,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Optas LLC acquired a new position in AppLovin during the 4th quarter worth approximately $271,000. Jennison Associates LLC acquired a new position in shares of AppLovin during the fourth quarter worth $414,462,000. Resonant Capital Advisors LLC acquired a new position in shares of AppLovin during the fourth quarter worth $348,000. Catalina Capital Group LLC purchased a new position in shares of AppLovin in the fourth quarter valued at $349,000. Finally, McAdam LLC acquired a new stake in AppLovin during the 4th quarter valued at $406,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on APP. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their price target on AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Piper Sandler started coverage on AppLovin in a research note on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price objective for the company. Benchmark began coverage on AppLovin in a research report on Friday, January 10th. They issued a “buy” rating and a $375.00 target price on the stock. Finally, BTIG Research raised their price target on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $366.29.

AppLovin Stock Performance

Shares of APP stock opened at $375.72 on Friday. The company has a market cap of $126.09 billion, a P/E ratio of 113.85, a PEG ratio of 3.00 and a beta of 2.30. The business has a 50 day moving average of $346.12 and a two-hundred day moving average of $217.34. AppLovin Co. has a 52 week low of $45.12 and a 52 week high of $417.64. 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 released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, analysts anticipate that AppLovin Co. will post 4.09 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 15,971 shares of AppLovin 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 sale, the insider now owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. The trade was a 4.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 99,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $329.50, for a total value of $32,620,500.00. Following the transaction, the director now owns 621,209 shares of the company’s stock, valued at approximately $204,688,365.50. This represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 888,867 shares of company stock worth $284,773,062. 14.69% of the stock is owned by insiders.

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.