Telemark Asset Management LLC acquired a new position in AppLovin Corporation (NASDAQ:APP – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,000 shares of the company’s stock, valued at approximately $13,476,000. AppLovin accounts for about 1.3% of Telemark Asset Management LLC’s portfolio, making the stock its 25th largest position.
Other hedge funds have also added to or reduced their stakes in the company. Washington Trust Advisors Inc. raised its position in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the period. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC raised its position in shares of AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 17 shares during the period. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $32,000. Finally, Graney & King LLC bought a new stake in shares of AppLovin in the third quarter valued at approximately $36,000. Institutional investors own 41.85% of the company’s stock.
AppLovin Price Performance
Shares of NASDAQ:APP opened at $557.20 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. The stock has a market cap of $187.19 billion, a P/E ratio of 47.87, a P/E/G ratio of 0.91 and a beta of 2.45. The company has a 50 day moving average of $470.43 and a 200 day moving average of $521.43.
Insider Activity at AppLovin
In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director owned 6,969,382 shares of the company’s stock, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the transaction, the chief technology officer directly owned 3,255,273 shares of the company’s stock, valued at approximately $1,583,462,445.39. This represents a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 467,092 shares of company stock worth $220,268,340 in the last 90 days. 13.66% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on APP shares. Piper Sandler boosted their price objective on shares of AppLovin from $650.00 to $665.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. BTIG Research reaffirmed a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Citigroup reaffirmed a “buy” rating and set a $710.00 price objective on shares of AppLovin in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $664.35.
Check Out Our Latest Stock Analysis on AppLovin
AppLovin Company Profile
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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