Empowered Funds LLC Sells 58,504 Shares of AppLovin Co. (NASDAQ:APP)

Empowered Funds LLC lowered its stake in shares of AppLovin Co. (NASDAQ:APP) by 65.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 31,131 shares of the company’s stock after selling 58,504 shares during the period. Empowered Funds LLC’s holdings in AppLovin were worth $10,081,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in APP. D Orazio & Associates Inc. boosted its stake in shares of AppLovin by 9.7% in the 4th quarter. D Orazio & Associates Inc. now owns 1,766 shares of the company’s stock worth $572,000 after buying an additional 156 shares during the last quarter. Opinicus Capital Inc. bought a new position in AppLovin in the fourth quarter valued at about $441,000. Lecap Asset Management Ltd. bought a new position in AppLovin in the fourth quarter valued at about $1,300,000. SMART Wealth LLC purchased a new position in AppLovin in the fourth quarter worth about $402,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of AppLovin by 9.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 544,301 shares of the company’s stock valued at $176,261,000 after purchasing an additional 45,767 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Benchmark began coverage on shares of AppLovin in a report on Friday, January 10th. They issued a “buy” rating and a $375.00 price objective on the stock. Loop Capital boosted their price objective on shares of AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Oppenheimer restated an “outperform” rating and issued a $480.00 price objective on shares of AppLovin in a research note on Tuesday, December 10th. Wells Fargo & Company lifted their target price on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Stifel Nicolaus upped their price target on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Four 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 company. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $366.29.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the transaction, the chief executive officer now directly owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This represents a 0.05 % 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, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the sale, the chief technology officer now owns 3,919,024 shares in the company, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock worth $284,773,062 over the last 90 days. Corporate insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

APP opened at $375.72 on Monday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a market capitalization of $126.09 billion, a price-to-earnings ratio of 113.85, a PEG ratio of 3.10 and a beta of 2.30. The company has a fifty day moving average of $346.12 and a 200 day moving average of $219.26. AppLovin Co. has a fifty-two week low of $45.12 and a fifty-two week high of $417.64.

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.