AppLovin Co. (NASDAQ:APP) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in AppLovin Co. (NASDAQ:APP) by 48.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 472,407 shares of the company’s stock after selling 451,711 shares during the quarter. Federated Hermes Inc.’s holdings in AppLovin were worth $153,019,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. GHP Investment Advisors Inc. purchased a new stake in AppLovin during the 4th quarter valued at about $25,000. Riverview Trust Co raised its holdings in shares of AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new position in AppLovin during the fourth quarter valued at $28,000. Hemington Wealth Management raised its stake in shares of AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 16.3 %

Shares of APP opened at $219.37 on Friday. 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 Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The stock has a fifty day simple moving average of $342.89 and a two-hundred day simple moving average of $288.42. The company has a market capitalization of $74.58 billion, a PE ratio of 48.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last announced 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%. As a group, equities analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. This trade represents a 24.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. This represents a 1.52 % 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 worth $106,401,841 over the last three months. Insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. Piper Sandler lifted their price target on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Loop Capital reissued a “buy” rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. Citigroup upped their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group lifted their price target on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $435.47.

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.