Rockefeller Capital Management L.P. Takes $4 Million Position in AppLovin Co. (NASDAQ:APP)

Rockefeller Capital Management L.P. purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) during the 4th quarter, Holdings Channel reports. The fund purchased 12,344 shares of the company’s stock, valued at approximately $3,996,000.

A number of other institutional investors have also added to or reduced their stakes in APP. FMR LLC grew its holdings in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of AppLovin in the fourth quarter worth $1,781,922,000. Baillie Gifford & Co. increased its holdings in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares during the period. Norges Bank bought a new position in AppLovin during the 4th quarter worth $828,138,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock worth $936,888,000 after buying an additional 2,373,885 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 3.7 %

NASDAQ:APP opened at $238.22 on Friday. The firm has a 50-day moving average price of $313.27 and a two-hundred day moving average price of $296.01. 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 firm has a market cap of $80.98 billion, a price-to-earnings ratio of 52.47, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) 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%. On average, equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were 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 in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

APP has been the subject of a number of analyst reports. Bank of America raised their price objective on AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Wells Fargo & Company dropped their price target on shares of AppLovin from $538.00 to $386.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group increased their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. Finally, Morgan Stanley upgraded AppLovin from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $470.00 to $350.00 in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $424.84.

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.