Envestnet Portfolio Solutions Inc. Has $9.65 Million Position in AppLovin Co. (NASDAQ:APP)

Envestnet Portfolio Solutions Inc. reduced its holdings in AppLovin Co. (NASDAQ:APP) by 29.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,785 shares of the company’s stock after selling 12,452 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AppLovin were worth $9,645,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in APP. FMR LLC grew its position in shares of AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares during the last quarter. SVB Wealth LLC acquired a new stake in AppLovin during the fourth quarter worth about $1,781,922,000. Baillie Gifford & Co. grew its position in AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in AppLovin during the fourth quarter worth about $535,070,000. Finally, Jennison Associates LLC acquired a new stake in AppLovin during the fourth quarter worth about $414,462,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Piper Sandler lifted their target price on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Wells Fargo & Company set a $538.00 target price on AppLovin and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Macquarie lifted their target price on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Monday. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $560.00 price objective (up from $480.00) on shares of AppLovin in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $438.28.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 45,000 shares of the company’s stock in a transaction on Friday, February 21st. The shares were 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 owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the sale, the insider now owns 372,205 shares of the company’s stock, valued at $116,526,219.35. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 322,871 shares of company stock worth $111,401,882 in the last quarter. Insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

APP stock opened at $306.85 on Tuesday. 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 company has a 50 day moving average price of $356.03 and a 200 day moving average price of $270.72. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The stock has a market capitalization of $104.32 billion, a PE ratio of 67.59, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping 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%. Analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

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.