Massachusetts Financial Services Co. MA Has $21.28 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Massachusetts Financial Services Co. MA cut its stake in AppLovin Co. (NASDAQ:APP) by 12.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 163,003 shares of the company’s stock after selling 23,392 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in AppLovin were worth $21,280,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in AppLovin in the third quarter valued at $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin during the third quarter valued at $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin in the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. bought a new stake in shares of AppLovin in the 3rd quarter worth about $29,000. Finally, Quest Partners LLC acquired a new stake in shares of AppLovin during the 2nd quarter worth about $33,000. Institutional investors own 41.85% of the company’s stock.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 593,588 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the sale, the chief technology officer now directly owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This represents a 13.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew Stumpf sold 21,101 shares of AppLovin stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the transaction, the chief financial officer now directly owns 213,336 shares in the company, valued at approximately $70,970,487.12. The trade was a 9.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,065 shares of company stock worth $233,072,408. 14.69% of the stock is currently owned by company insiders.

AppLovin Stock Performance

Shares of AppLovin stock opened at $319.59 on Tuesday. AppLovin Co. has a 52 week low of $35.79 and a 52 week high of $344.77. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a market capitalization of $107.25 billion, a price-to-earnings ratio of 96.85, a PEG ratio of 4.11 and a beta of 1.86. The firm has a fifty day moving average of $185.37 and a two-hundred day moving average of $119.37.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s revenue was up 38.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.30 earnings per share. As a group, equities research analysts predict that AppLovin Co. will post 4.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Jefferies Financial Group boosted their price target on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Bank of America boosted their target price on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a report on Monday. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Piper Sandler started coverage on AppLovin in a research report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price objective for the company. Finally, Benchmark reissued a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $249.34.

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.