Canopy Partners LLC Invests $347,000 in AppLovin Co. (NASDAQ:APP)

Canopy Partners LLC purchased a new position in AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,073 shares of the company’s stock, valued at approximately $347,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. grew its position in AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the last quarter. FMR LLC grew its position in shares of AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the period. Benchmark Investment Advisors LLC increased its position in AppLovin by 2.8% in the fourth quarter. Benchmark Investment Advisors LLC now owns 17,013 shares of the company’s stock worth $5,509,000 after buying an additional 468 shares in the last quarter. Titleist Asset Management LLC bought a new stake in AppLovin during the 4th quarter worth approximately $767,000. Finally, MIG Capital LLC purchased a new position in shares of AppLovin during the 4th quarter valued at $341,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock valued at $106,401,841 over the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Stock Performance

Shares of AppLovin stock opened at $219.37 on Monday. The firm has a market cap of $74.58 billion, a PE ratio of 48.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The firm’s 50-day simple moving average is $342.89 and its 200-day simple moving average is $289.58. 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 1 year low of $60.67 and a 1 year high of $525.15.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on APP shares. Jefferies Financial Group lifted their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Benchmark boosted their price objective on shares of AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. FBN Securities assumed coverage on AppLovin in a report on Friday, March 28th. They set an “outperform” rating and a $385.00 price objective for the company. Oppenheimer reissued an “outperform” rating and issued a $560.00 price objective on shares of AppLovin in a research report on Thursday, March 27th. Finally, Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $435.47.

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.