AppLovin Co. (NASDAQ:APP) Stock Holdings Reduced by Augustine Asset Management Inc.

Augustine Asset Management Inc. lowered its stake in shares of AppLovin Co. (NASDAQ:APP) by 12.5% during the fourth quarter, Holdings Channel reports. The firm owned 302,022 shares of the company’s stock after selling 43,282 shares during the period. AppLovin makes up approximately 25.7% of Augustine Asset Management Inc.’s investment portfolio, making the stock its largest position. Augustine Asset Management Inc.’s holdings in AppLovin were worth $97,804,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Townsquare Capital LLC grew its position in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after acquiring an additional 3,126 shares during the last quarter. Second Half Financial Partners LLC acquired a new stake in AppLovin during the 3rd quarter worth $224,000. State Street Corp grew its position in AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the last quarter. Eagle Asset Management Inc. grew its position in AppLovin by 2,200.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after purchasing an additional 500,407 shares during the last quarter. Finally, Zacks Investment Management increased its stake in AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after purchasing an additional 81,331 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Benchmark assumed coverage on shares of AppLovin in a research note on Friday, January 10th. They set a “buy” rating and a $375.00 target price for the company. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Wells Fargo & Company boosted their target price on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. Finally, Wedbush reiterated an “outperform” rating and issued a $270.00 price objective (up 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 given a strong buy rating to the company’s stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus price target of $366.29.

AppLovin Price Performance

APP stock opened at $375.25 on Wednesday. The firm has a 50 day moving average of $347.17 and a 200-day moving average of $223.52. The company has a market cap of $125.93 billion, a price-to-earnings ratio of 113.71, a PEG ratio of 3.10 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. AppLovin Co. has a 12-month low of $45.12 and a 12-month high of $417.64.

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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction 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 owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 828,991 shares of company stock valued at $267,640,144 in the last ninety days. 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.