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

Kane Investment Management Inc. acquired a new stake in shares of AppLovin Co. (NASDAQ:APP) during the fourth quarter, HoldingsChannel reports. The firm acquired 966 shares of the company’s stock, valued at approximately $313,000.

A number of other large investors have also modified their holdings of APP. GHP Investment Advisors Inc. acquired a new stake in AppLovin during the fourth quarter valued at approximately $25,000. Riverview Trust Co lifted its position in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after buying an additional 82 shares during the period. Tucker Asset Management LLC bought a new position in shares of AppLovin during the 4th quarter worth approximately $28,000. Hemington Wealth Management boosted its stake in AppLovin by 78.4% in 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 in the last quarter. Finally, Fifth Third Bancorp grew its position in AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after acquiring an additional 62 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by company insiders.

AppLovin Trading Down 5.6 %

Shares of NASDAQ APP opened at $236.07 on Tuesday. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm has a market capitalization of $80.25 billion, a P/E ratio of 52.00, a P/E/G ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company’s 50 day simple moving average is $324.56 and its 200 day simple moving average is $295.32.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates 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 predict that AppLovin Co. will post 6.87 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on APP. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. UBS Group dropped their price objective on shares of AppLovin from $630.00 to $450.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer reiterated an “outperform” rating and issued a $560.00 target price on shares of AppLovin in a research note on Thursday, March 27th. Finally, The Goldman Sachs Group decreased their price target on AppLovin from $500.00 to $335.00 and set a “neutral” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $424.84.

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.