Canopy Partners LLC Acquires Shares of 1,073 AppLovin Co. (NASDAQ:APP)

Canopy Partners LLC bought a new position in AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,073 shares of the company’s stock, valued at approximately $347,000.

A number of other hedge funds have also made changes to their positions in the company. State Street Corp boosted its holdings in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after acquiring an additional 428,419 shares in the last quarter. Zacks Investment Management boosted its stake in AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of AppLovin by 38.8% during the third quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock worth $3,286,000 after purchasing an additional 7,039 shares during the last quarter. Oxinas Partners Wealth Management LLC bought a new position in shares of AppLovin in the fourth quarter valued at about $1,081,000. Finally, Virtu Financial LLC acquired a new position in AppLovin during the 3rd quarter worth about $3,211,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 17,500 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 306,900 shares of company stock valued at $106,401,841. Company insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APP. Arete Research set a $200.00 target price on shares of AppLovin in a research report on Wednesday, March 5th. Loop Capital reiterated a “buy” rating and issued a $650.00 price objective on shares of AppLovin in a research report on Friday, March 28th. Benchmark boosted their target price on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. UBS Group upped their price target on AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Piper Sandler boosted their price objective on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $435.47.

AppLovin Trading Down 16.3 %

NASDAQ:APP opened at $219.37 on Monday. The business’s 50-day simple moving average is $342.89 and its 200-day simple moving average is $289.58. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. 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 stock 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 released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Sell-side analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

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.