AustralianSuper Pty Ltd Has $58.43 Million Stock Position in AppLovin Co. (NASDAQ:APP)

AustralianSuper Pty Ltd grew its holdings in shares of AppLovin Co. (NASDAQ:APP) by 2,604.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 180,420 shares of the company’s stock after acquiring an additional 173,750 shares during the period. AustralianSuper Pty Ltd’s holdings in AppLovin were worth $58,425,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Vicus Capital bought a new position in shares of AppLovin during the fourth quarter valued at about $349,000. Bogart Wealth LLC bought a new position in shares of AppLovin during the fourth quarter valued at about $37,000. Asset Management One Co. Ltd. lifted its position in shares of AppLovin by 6.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 75,030 shares of the company’s stock valued at $25,148,000 after purchasing an additional 4,332 shares in the last quarter. Avestar Capital LLC bought a new position in shares of AppLovin during the fourth quarter valued at about $547,000. Finally, Hemington Wealth Management lifted its position in shares of AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Performance

NASDAQ APP opened at $510.13 on Friday. The company’s 50 day moving average is $351.33 and its 200-day moving average is $229.34. The firm has a market cap of $171.19 billion, a P/E ratio of 154.59, a price-to-earnings-growth ratio of 3.10 and a beta of 2.30. AppLovin Co. has a 12-month low of $52.75 and a 12-month high of $525.15. 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 (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. Sell-side analysts predict that AppLovin Co. will post 4.09 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 1,676 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The stock was 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. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 828,991 shares of company stock valued at $267,640,144. Corporate insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on APP. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and raised their price target for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a research report on Thursday. UBS Group lifted their price objective on shares of AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday. Stifel Nicolaus lifted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Finally, Loop Capital lifted their price objective on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $422.18.

AppLovin Company Profile

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.