AppLovin Co. (NASDAQ:APP) Shares Sold by Asahi Life Asset Management CO. LTD.

Asahi Life Asset Management CO. LTD. lowered its stake in shares of AppLovin Co. (NASDAQ:APP) by 53.2% in the fourth quarter, HoldingsChannel reports. The fund owned 1,380 shares of the company’s stock after selling 1,570 shares during the quarter. Asahi Life Asset Management CO. LTD.’s holdings in AppLovin were worth $447,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. WCM Investment Management LLC increased its stake in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. FMR LLC increased its stake in shares of AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AppLovin during the 4th quarter valued at about $1,781,922,000. State Street Corp increased its stake in shares of AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares during the last quarter. Finally, Baillie Gifford & Co. increased its stake in shares of AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $325.78 on Friday. The stock has a market cap of $109.33 billion, a P/E ratio of 71.76, a price-to-earnings-growth ratio of 3.02 and a beta of 2.30. 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 stock has a 50 day moving average of $367.79 and a 200-day moving average of $254.18. AppLovin Co. has a 52 week low of $57.40 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP) last released its 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, analysts expect that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on APP shares. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. BTIG Research boosted their target price on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Macquarie boosted their target price on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Stifel Nicolaus boosted their target price on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Loop Capital boosted their target price on AppLovin from $450.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $452.29.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 17,925 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the sale, the insider now directly owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 224,872 shares of company stock valued at $82,158,554. Corporate insiders own 14.69% of the company’s stock.

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.