Everence Capital Management Inc. Makes New Investment in AppLovin Co. (NASDAQ:APP)

Everence Capital Management Inc. purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 5,600 shares of the company’s stock, valued at approximately $1,813,000.

Several other institutional investors have also modified their holdings of APP. Principal Financial Group Inc. grew its position in AppLovin by 894.7% in the 2nd quarter. Principal Financial Group Inc. now owns 179,114 shares of the company’s stock worth $14,906,000 after purchasing an additional 161,107 shares during the last quarter. CIBC Asset Management Inc increased its position in AppLovin by 141.4% in the 2nd quarter. CIBC Asset Management Inc now owns 7,510 shares of the company’s stock valued at $625,000 after acquiring an additional 4,399 shares during the period. Rhumbline Advisers raised its stake in AppLovin by 35.5% during the 2nd quarter. Rhumbline Advisers now owns 327,798 shares of the company’s stock valued at $27,279,000 after acquiring an additional 85,886 shares in the last quarter. FDx Advisors Inc. acquired a new position in AppLovin during the 2nd quarter worth $333,000. Finally, TD Asset Management Inc grew its stake in shares of AppLovin by 6.1% in the second quarter. TD Asset Management Inc now owns 13,735 shares of the company’s stock worth $1,143,000 after purchasing an additional 793 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $350.65 on Friday. The company’s fifty day moving average is $302.03 and its two-hundred day moving average is $170.97. The company has a market cap of $117.68 billion, a P/E ratio of 106.26, a price-to-earnings-growth ratio of 4.17 and a beta of 2.28. AppLovin Co. has a 12-month low of $37.40 and a 12-month 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the firm earned $0.30 earnings per share. AppLovin’s quarterly revenue was up 38.6% on a year-over-year basis. Equities analysts expect that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on APP shares. Benchmark reaffirmed a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a report on Thursday, November 7th. Macquarie increased their price objective on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Oppenheimer reissued an “outperform” rating and set a $480.00 target price on shares of AppLovin in a report on Tuesday, December 10th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and increased their price target for the company from $103.00 to $150.00 in a research note on Monday, October 14th. Finally, Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $310.71.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 593,588 shares of the company’s stock in a transaction dated 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 transaction, the chief technology officer now directly owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 888,867 shares of company stock valued at $284,773,062 over the last three months. 14.69% of the stock is owned by corporate 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.