Amundi Purchases 242,539 Shares of AppLovin Co. (NASDAQ:APP)

Amundi increased its position in shares of AppLovin Co. (NASDAQ:APP) by 67.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 603,766 shares of the company’s stock after purchasing an additional 242,539 shares during the quarter. Amundi’s holdings in AppLovin were worth $198,760,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in APP. Townsquare Capital LLC boosted its stake in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after purchasing an additional 3,126 shares during the period. Second Half Financial Partners LLC bought a new position in AppLovin in the 3rd quarter worth about $224,000. State Street Corp increased its position in shares of AppLovin by 8.6% during the third 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 during the period. Eagle Asset Management Inc. increased its position in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. Finally, Zacks Investment Management raised its stake in shares of AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after acquiring an additional 81,331 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Arete Research upgraded AppLovin to a “strong sell” rating in a report on Wednesday, March 5th. Stifel Nicolaus increased 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. Jefferies Financial Group lifted their price objective on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Bank of America raised their target price on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Piper Sandler boosted their price target on shares of AppLovin from $400.00 to $575.00 and gave the company 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, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $452.29.

Insiders Place Their Bets

In related news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the sale, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares in the company, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 406,047 shares of company stock valued at $140,390,817. Insiders own 14.69% of the company’s stock.

AppLovin Stock Up 4.2 %

Shares of APP stock opened at $270.48 on Monday. The stock’s fifty day moving average price is $363.84 and its 200 day moving average price is $262.97. AppLovin Co. has a 1-year low of $59.30 and a 1-year high of $525.15. The company has a market cap of $90.77 billion, a price-to-earnings ratio of 59.58, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. 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 issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal 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.