Shell Asset Management Co. Has $2.24 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Shell Asset Management Co. raised its stake in AppLovin Co. (NASDAQ:APP) by 55.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,912 shares of the company’s stock after buying an additional 2,463 shares during the period. Shell Asset Management Co.’s holdings in AppLovin were worth $2,238,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in shares of AppLovin by 130.4% during the fourth quarter. Royal Bank of Canada now owns 890,396 shares of the company’s stock worth $288,337,000 after purchasing an additional 503,956 shares during the period. Rafferty Asset Management LLC acquired a new position in shares of AppLovin during the fourth quarter worth $12,205,000. ProShare Advisors LLC acquired a new position in shares of AppLovin during the fourth quarter worth $109,760,000. Quadcap Wealth Management LLC acquired a new position in shares of AppLovin during the fourth quarter worth $399,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of AppLovin by 373.8% during the fourth quarter. Quantinno Capital Management LP now owns 30,383 shares of the company’s stock worth $9,839,000 after purchasing an additional 23,971 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 44,400 shares of the business’s 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 transaction, the chief executive officer now directly owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. The trade was a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dawson Alyssa Harvey sold 570 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $371.12, for a total transaction of $211,538.40. Following the transaction, the director now owns 6,231 shares in the company, valued at approximately $2,312,448.72. This trade represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,119,470 shares of company stock valued at $409,752,180 over the last three months. Corporate insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on APP shares. Loop Capital reiterated a “buy” rating and set a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. UBS Group lifted their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Bank of America lifted their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Benchmark reissued a “buy” rating and set a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. Finally, Morgan Stanley lifted their target price on shares of AppLovin from $350.00 to $420.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $433.85.

AppLovin Trading Down 1.2%

APP opened at $362.34 on Friday. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $123.18 billion, a P/E ratio of 79.81, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a fifty day moving average price of $285.14 and a two-hundred day moving average price of $317.47.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 earnings per share. Analysts predict that AppLovin Co. will post 6.87 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.