WCM Investment Management LLC Has $2.32 Billion Stock Position in AppLovin Co. (NASDAQ:APP)

WCM Investment Management LLC trimmed its position in AppLovin Co. (NASDAQ:APP) by 36.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 6,927,558 shares of the company’s stock after selling 3,892,851 shares during the period. AppLovin comprises 5.5% of WCM Investment Management LLC’s investment portfolio, making the stock its 2nd biggest position. WCM Investment Management LLC owned approximately 2.06% of AppLovin worth $2,323,364,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of AppLovin by 622.8% during 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. Jennison Associates LLC purchased a new stake in shares of AppLovin during the 4th quarter valued at approximately $414,462,000. Janus Henderson Group PLC lifted 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 valued at $306,897,000 after buying an additional 560,560 shares in the last quarter. Eagle Asset Management Inc. lifted its stake in shares of AppLovin by 2,200.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of AppLovin by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after buying an additional 449,241 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the sale, the insider now directly owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This trade represents a 4.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm’s stock in a transaction dated 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 directly owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 888,867 shares of company stock valued at $284,773,062 in the last quarter. Insiders own 14.69% of the company’s stock.

AppLovin Price Performance

APP stock opened at $375.72 on Friday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 52 week low of $45.12 and a 52 week high of $417.64. The firm’s fifty day moving average is $346.12 and its 200 day moving average is $218.27. The firm has a market cap 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.

AppLovin (NASDAQ:APP) last announced its quarterly 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. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 EPS. Research analysts predict that AppLovin Co. will post 4.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on APP. Wells Fargo & Company upped their price target on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Macquarie increased their target price on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Loop Capital increased their target price on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $366.29.

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.