Logan Capital Management Inc. Reduces Stake in AppLovin Co. (NASDAQ:APP)

Logan Capital Management Inc. trimmed its position in shares of AppLovin Co. (NASDAQ:APP) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 112,967 shares of the company’s stock after selling 65 shares during the quarter. Logan Capital Management Inc.’s holdings in AppLovin were worth $14,748,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. FMR LLC lifted its stake in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. Fred Alger Management LLC acquired a new stake in shares of AppLovin during the second quarter valued at $290,655,000. 1832 Asset Management L.P. boosted its stake in shares of AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 shares during the last quarter. WCM Investment Management LLC raised its stake in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of AppLovin by 31.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after purchasing an additional 560,560 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on APP shares. JPMorgan Chase & Co. boosted their price target on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Bank of America increased their target price on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Loop Capital upped their price objective on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Oppenheimer reissued an “outperform” rating and issued a $480.00 target price on shares of AppLovin in a research report on Tuesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $292.79.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 99,000 shares of AppLovin stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total value of $32,620,500.00. Following the transaction, the director now directly owns 621,209 shares of the company’s stock, valued at $204,688,365.50. This trade represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 872,896 shares of company stock valued at $279,773,021. Corporate insiders own 14.69% of the company’s stock.

AppLovin Price Performance

Shares of AppLovin stock traded up $1.37 on Friday, hitting $327.58. The company had a trading volume of 610,998 shares, compared to its average volume of 4,568,233. AppLovin Co. has a 52 week low of $37.40 and a 52 week high of $417.64. The company has a market cap of $109.93 billion, a PE ratio of 98.85, a PEG ratio of 4.17 and a beta of 2.28. The business has a 50-day simple moving average of $242.30 and a 200-day simple moving average of $142.69. 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 released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company earned $0.30 earnings per share. AppLovin’s revenue was up 38.6% compared to the same quarter last year. Research analysts expect that AppLovin Co. will post 4.06 EPS for the current fiscal year.

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.