Entropy Technologies LP Decreases Stock Holdings in AppLovin Co. (NASDAQ:APP)

Entropy Technologies LP lowered its holdings in AppLovin Co. (NASDAQ:APP) by 85.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,560 shares of the company’s stock after selling 33,116 shares during the period. Entropy Technologies LP’s holdings in AppLovin were worth $1,800,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in APP. Townsquare Capital LLC raised its position in AppLovin by 64.9% in 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 purchased a new stake in shares of AppLovin during the 3rd quarter valued at about $224,000. State Street Corp lifted its position in AppLovin by 8.6% during the 3rd 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 in the last quarter. Eagle Asset Management Inc. lifted its position in AppLovin by 2,200.4% during the 3rd 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 in the last quarter. Finally, Zacks Investment Management boosted its holdings in AppLovin by 328.1% in the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after acquiring an additional 81,331 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on APP. Piper Sandler began coverage on shares of AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price on the stock. Bank of America boosted their price objective on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Macquarie raised their target price on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Stifel Nicolaus boosted their price target on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research note 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 research note on Monday, January 13th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $366.29.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $375.72 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm’s 50-day moving average price is $346.12 and its two-hundred day moving average price is $219.26. AppLovin Co. has a 52-week low of $45.12 and a 52-week high of $417.64. The stock has a market capitalization of $126.09 billion, a P/E ratio of 113.85, a P/E/G ratio of 3.10 and a beta of 2.30.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 1,676 shares of the business’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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at $952,673.78. The trade was a 85.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 888,867 shares of company stock valued at $284,773,062. Insiders own 14.69% of the company’s stock.

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.