Encompass More Asset Management Cuts Stock Position in AppLovin Co. (NASDAQ:APP)

Encompass More Asset Management cut its holdings in shares of AppLovin Co. (NASDAQ:APP) by 48.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,531 shares of the company’s stock after selling 1,444 shares during the quarter. Encompass More Asset Management’s holdings in AppLovin were worth $496,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Veracity Capital LLC increased its holdings in AppLovin by 94.3% during the fourth quarter. Veracity Capital LLC now owns 3,451 shares of the company’s stock worth $1,118,000 after buying an additional 1,675 shares during the last quarter. Donoghue Forlines LLC grew its position in shares of AppLovin by 28.4% during the 4th quarter. Donoghue Forlines LLC now owns 6,317 shares of the company’s stock valued at $2,046,000 after acquiring an additional 1,399 shares during the period. Capital Planning Advisors LLC purchased a new stake in shares of AppLovin during the 4th quarter worth approximately $256,000. Whalen Wealth Management Inc. bought a new stake in shares of AppLovin in the 4th quarter worth approximately $286,000. Finally, Avior Wealth Management LLC lifted its stake in AppLovin by 54.7% in the fourth quarter. Avior Wealth Management LLC now owns 215 shares of the company’s stock valued at $70,000 after purchasing an additional 76 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Up 0.1 %

NASDAQ:APP opened at $362.76 on Friday. AppLovin Co. has a 1-year low of $40.71 and a 1-year high of $417.64. The firm’s 50-day moving average price is $335.97 and its 200-day moving average price is $195.69. The company has a market capitalization of $121.74 billion, a PE ratio of 110.41, a P/E/G ratio of 2.96 and a beta of 2.29. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was up 38.6% on a year-over-year basis. On average, equities analysts predict that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on APP shares. Loop Capital boosted their target price on AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, December 16th. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and lifted their price target for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Bank of America raised their target price on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Stifel Nicolaus increased their price target on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Wedbush restated an “outperform” rating and set a $270.00 price target (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Four equities research 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 stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $355.41.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 17,925 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 405,676 shares in the company, valued at $143,670,155.40. The trade was a 4.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 888,867 shares of company stock valued at $284,773,062 in the last 90 days. 14.69% of the stock is currently owned by insiders.

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.