Burney Co. Cuts Position in AppLovin Co. (NASDAQ:APP)

Burney Co. lowered its holdings in shares of AppLovin Co. (NASDAQ:APP) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,261 shares of the company’s stock after selling 156 shares during the quarter. Burney Co.’s holdings in AppLovin were worth $1,704,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of APP. Private Advisor Group LLC lifted its position in shares of AppLovin by 98.6% during the 2nd quarter. Private Advisor Group LLC now owns 7,144 shares of the company’s stock valued at $595,000 after buying an additional 3,547 shares in the last quarter. Quest Partners LLC acquired a new position in AppLovin during the second quarter worth $33,000. American Century Companies Inc. raised its position in AppLovin by 80.1% during the second quarter. American Century Companies Inc. now owns 232,378 shares of the company’s stock worth $19,338,000 after acquiring an additional 103,335 shares during the period. Envestnet Asset Management Inc. lifted its holdings in AppLovin by 695.0% during the second quarter. Envestnet Asset Management Inc. now owns 549,453 shares of the company’s stock valued at $45,725,000 after purchasing an additional 480,336 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of AppLovin by 3.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 186,395 shares of the company’s stock valued at $15,512,000 after purchasing an additional 5,483 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and upped their price target for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Bank of America lifted their price target on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Stifel Nicolaus boosted their price target on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company raised their price objective on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $338.06.

Insider Activity at AppLovin

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the 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 owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the transaction, the insider now directly owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 888,867 shares of company stock worth $284,773,062. Insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $332.01 on Friday. The firm has a market cap of $111.42 billion, a PE ratio of 100.61, a price-to-earnings-growth ratio of 2.68 and a beta of 2.29. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 52 week low of $39.43 and a 52 week high of $417.64. The business’s fifty day simple moving average is $327.99 and its 200-day simple moving average is $185.52.

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

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.