ICICI Prudential Asset Management Co Ltd Takes Position in AppLovin Co. (NASDAQ:APP)

ICICI Prudential Asset Management Co Ltd purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,889 shares of the company’s stock, valued at approximately $1,259,000.

A number of other hedge funds have also recently made changes to their positions in the company. Laidlaw Wealth Management LLC acquired a new stake in shares of AppLovin during the fourth quarter valued at about $201,000. TimesSquare Capital Management LLC acquired a new position in shares of AppLovin in the fourth quarter worth approximately $88,495,000. Global Retirement Partners LLC lifted its stake in shares of AppLovin by 21.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,738 shares of the company’s stock worth $563,000 after acquiring an additional 307 shares during the period. New York State Common Retirement Fund lifted its stake in shares of AppLovin by 1.8% in the fourth quarter. New York State Common Retirement Fund now owns 150,535 shares of the company’s stock worth $48,748,000 after acquiring an additional 2,700 shares during the period. Finally, Kestra Investment Management LLC acquired a new position in shares of AppLovin in the fourth quarter worth approximately $51,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Trading Down 2.8 %

NASDAQ APP opened at $496.07 on Wednesday. The company has a market cap of $166.48 billion, a price-to-earnings ratio of 150.33, a P/E/G ratio of 3.10 and a beta of 2.30. AppLovin Co. has a 52 week low of $54.50 and a 52 week high of $525.15. The business has a 50 day moving average price of $358.18 and a 200-day moving average price of $237.58. 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 announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. As a group, equities analysts expect that AppLovin Co. will post 4.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction on 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 in the company, 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 filing with the SEC, which can be accessed through this link. Also, Director Craig Scott Billings sold 18,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $318.94, for a total value of $5,740,920.00. Following the sale, the director now owns 2,987 shares of the company’s stock, valued at $952,673.78. This trade represents a 85.77 % 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 worth $267,640,144. 14.69% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, February 13th. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Citigroup lifted their price objective on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $560.00 price objective (up from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Finally, Wells Fargo & Company boosted their price target on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Four equities 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $422.18.

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.