Proem Advisors LLC Acquires New Position in AppLovin Co. (NASDAQ:APP)

Proem Advisors LLC bought a new position in AppLovin Co. (NASDAQ:APP) in the fourth quarter, HoldingsChannel reports. The fund bought 10,000 shares of the company’s stock, valued at approximately $3,238,000. AppLovin makes up approximately 0.9% of Proem Advisors LLC’s portfolio, making the stock its 17th biggest position.

Other institutional investors also recently modified their holdings of the company. Benjamin Edwards Inc. acquired a new position in shares of AppLovin in the third quarter worth $364,000. Ascent Group LLC acquired a new position in AppLovin in the 3rd quarter worth about $540,000. Investment Management Corp of Ontario raised its stake in shares of AppLovin by 264.5% during the 3rd quarter. Investment Management Corp of Ontario now owns 14,580 shares of the company’s stock worth $1,903,000 after purchasing an additional 10,580 shares in the last quarter. IHT Wealth Management LLC acquired a new stake in shares of AppLovin during the 3rd quarter valued at about $316,000. Finally, Redwood Investment Management LLC grew its stake in shares of AppLovin by 4.1% in the 3rd quarter. Redwood Investment Management LLC now owns 17,378 shares of the company’s stock valued at $2,220,000 after buying an additional 678 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Down 9.8 %

Shares of APP opened at $261.98 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 $89.06 billion, a P/E ratio of 57.70, a P/E/G ratio of 3.02 and a beta of 2.33. The company has a 50-day simple moving average of $345.76 and a 200-day simple moving average of $286.55. 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 posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating 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%. On average, equities research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, 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 sale, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. The trade was 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 over the last ninety days. 14.69% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

APP has been the topic of several recent research reports. Bank of America raised their price objective on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Arete Research set a $200.00 price objective on shares of AppLovin in a research note on Wednesday, March 5th. Loop Capital reiterated a “buy” rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. Oppenheimer restated an “outperform” rating and set a $560.00 target price on shares of AppLovin in a report on Thursday, March 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $435.47.

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.