Nisa Investment Advisors LLC Reduces Stock Position in AppLovin Co. (NASDAQ:APP)

Nisa Investment Advisors LLC cut its stake in AppLovin Co. (NASDAQ:APP) by 30.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 13,584 shares of the company’s stock after selling 6,065 shares during the quarter. Nisa Investment Advisors LLC’s holdings in AppLovin were worth $4,399,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $27,000. Meeder Asset Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $29,000. Finally, Oliver Lagore Vanvalin Investment Group purchased a new position in shares of AppLovin during the 2nd quarter worth approximately $34,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on APP. Benchmark began coverage on shares of AppLovin in a research note on Friday, January 10th. They set a “buy” rating and a $375.00 price objective for the company. Stifel Nicolaus raised their target price on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. BTIG Research raised their target price 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. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Finally, Wedbush restated an “outperform” rating and set a $270.00 target price (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $355.41.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the sale, the insider now owns 405,676 shares of the company’s stock, valued at $143,670,155.40. The trade was a 4.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 888,867 shares of company stock valued at $284,773,062 in the last quarter. Company insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $363.10 on Friday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $121.85 billion, a price-to-earnings ratio of 110.03, a PEG ratio of 2.96 and a beta of 2.29. The firm’s fifty day simple moving average is $337.41 and its 200 day simple moving average is $198.41. AppLovin Co. has a twelve month low of $40.71 and a twelve month high of $417.64.

AppLovin (NASDAQ:APP) last posted its 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. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business’s quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.30 EPS. As a group, equities research analysts expect that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

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.