Orion Portfolio Solutions LLC Sells 801 Shares of AppLovin Co. (NASDAQ:APP)

Orion Portfolio Solutions LLC reduced its position in AppLovin Co. (NASDAQ:APP) by 3.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,132 shares of the company’s stock after selling 801 shares during the period. Orion Portfolio Solutions LLC’s holdings in AppLovin were worth $7,167,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of APP. SVB Wealth LLC purchased a new stake in AppLovin in the fourth quarter valued at about $1,781,922,000. State Street Corp increased its holdings in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares during the last quarter. Geode Capital Management LLC raised its position in shares of AppLovin by 12.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after purchasing an additional 449,241 shares during the last quarter. Finally, Norges Bank acquired a new stake in AppLovin in the 4th quarter worth approximately $828,138,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company’s stock, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 44,400 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock worth $106,401,841 over the last 90 days. 14.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on APP. The Goldman Sachs Group upped their price target on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Benchmark raised their target price on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Piper Sandler lifted their price target on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Loop Capital reissued a “buy” rating on shares of AppLovin in a report on Friday. Finally, JPMorgan Chase & Co. lifted their target price on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $435.47.

AppLovin Stock Performance

NASDAQ APP opened at $272.38 on Friday. The stock has a market capitalization of $92.60 billion, a price-to-earnings ratio of 60.00, a PEG ratio of 3.02 and a beta of 2.33. The stock has a 50-day moving average of $351.86 and a 200 day moving average of $283.07. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Sell-side analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

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.