77,370 Shares in AppLovin Co. (NASDAQ:APP) Purchased by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd purchased a new position in AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 77,370 shares of the company’s stock, valued at approximately $25,055,000. AppLovin accounts for about 7.7% of BOCHK Asset Management Ltd’s holdings, making the stock its 3rd largest holding.

Several other institutional investors also recently added to or reduced their stakes in the stock. SteelPeak Wealth LLC bought a new position in AppLovin during the 4th quarter worth about $741,000. Stonegate Investment Group LLC bought a new position in AppLovin during the 4th quarter worth about $267,000. Revolve Wealth Partners LLC bought a new position in AppLovin during the 4th quarter worth about $294,000. Pacer Advisors Inc. grew its holdings in AppLovin by 8.3% during the 4th quarter. Pacer Advisors Inc. now owns 68,133 shares of the company’s stock worth $22,064,000 after acquiring an additional 5,200 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in AppLovin by 49.3% during the 4th quarter. Blue Trust Inc. now owns 6,502 shares of the company’s stock worth $2,106,000 after acquiring an additional 2,146 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

NASDAQ:APP opened at $360.75 on Wednesday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market cap of $121.06 billion, a price-to-earnings ratio of 109.32, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29. The company has a 50 day moving average price of $339.10 and a 200-day moving average price of $203.00. AppLovin Co. has a 1-year low of $40.71 and a 1-year high of $417.64.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the firm earned $0.30 EPS. The business’s quarterly revenue was up 38.6% on a year-over-year basis. Equities research analysts forecast that AppLovin Co. will post 4.06 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on APP shares. Bank of America raised their price target on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 25th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Citigroup raised their price target on shares of AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Wedbush restated an “outperform” rating and issued a $270.00 price target (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price objective on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $366.29.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 99,000 shares of AppLovin stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total transaction of $32,620,500.00. Following the completion of the sale, the director now directly owns 621,209 shares in the company, valued at $204,688,365.50. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 888,867 shares of company stock valued at $284,773,062. 14.69% of the stock is owned by company insiders.

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.