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

Logan Capital Management Inc. lessened its stake in AppLovin Co. (NASDAQ:APP) by 2.8% in the fourth quarter, HoldingsChannel reports. The firm owned 109,772 shares of the company’s stock after selling 3,195 shares during the period. AppLovin makes up approximately 1.5% of Logan Capital Management Inc.’s holdings, making the stock its 10th largest holding. Logan Capital Management Inc.’s holdings in AppLovin were worth $35,547,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. GHP Investment Advisors Inc. bought a new position in AppLovin in the fourth quarter valued at about $25,000. Fuller & Thaler Asset Management Inc. purchased a new stake in AppLovin during the fourth quarter valued at approximately $25,000. Riverview Trust Co raised its position in AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after acquiring an additional 82 shares during the period. Tucker Asset Management LLC bought a new stake in shares of AppLovin during the 4th quarter valued at $28,000. Finally, Hemington Wealth Management increased its stake in shares of AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after purchasing an additional 40 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This represents a 24.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This trade represents a 16.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is owned by company insiders.

AppLovin Stock Performance

APP opened at $328.79 on Monday. The firm has a 50 day moving average of $275.55 and a two-hundred day moving average of $312.65. The firm has a market capitalization of $111.77 billion, a PE ratio of 72.42, a P/E/G ratio of 3.02 and a beta of 2.39. 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 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The company’s revenue was up 40.3% compared to the same quarter last year. On average, analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APP. Morgan Stanley increased their target price on shares of AppLovin from $350.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Monday, April 21st. Bank of America raised their price target on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Jefferies Financial Group lifted their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Piper Sandler raised their price objective on AppLovin from $425.00 to $455.00 and gave the company an “overweight” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $433.85.

AppLovin 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.