Blue Grotto Capital LLC Lowers Holdings in AppLovin Co. (NASDAQ:APP)

Blue Grotto Capital LLC trimmed its holdings in shares of AppLovin Co. (NASDAQ:APP) by 73.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,000 shares of the company’s stock after selling 110,000 shares during the period. AppLovin comprises 2.4% of Blue Grotto Capital LLC’s investment portfolio, making the stock its 17th biggest holding. Blue Grotto Capital LLC’s holdings in AppLovin were worth $12,953,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of APP. Pathstone Holdings LLC raised its position in shares of AppLovin by 5.5% during the 3rd quarter. Pathstone Holdings LLC now owns 19,866 shares of the company’s stock worth $2,594,000 after purchasing an additional 1,042 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of AppLovin by 89.7% in the third quarter. Advisors Asset Management Inc. now owns 681 shares of the company’s stock worth $89,000 after acquiring an additional 322 shares during the last quarter. Raymond James Trust N.A. lifted its position in shares of AppLovin by 25.8% in the third quarter. Raymond James Trust N.A. now owns 3,279 shares of the company’s stock valued at $428,000 after acquiring an additional 672 shares in the last quarter. Great Valley Advisor Group Inc. boosted its stake in shares of AppLovin by 2.2% during the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after acquiring an additional 60 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of AppLovin by 36.3% during the third quarter. Cerity Partners LLC now owns 18,120 shares of the company’s stock valued at $2,366,000 after acquiring an additional 4,822 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $346.29 on Wednesday. The company has a market cap of $117.72 billion, a P/E ratio of 76.28, a PEG ratio of 3.02 and a beta of 2.33. AppLovin Co. has a one year low of $60.67 and a one year high of $525.15. The business’s 50-day simple moving average is $354.81 and its 200 day simple moving average is $280.21. 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 (NASDAQ:APP) last posted its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, sell-side analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction on Monday, February 24th. The shares were sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the sale, the chief executive officer now owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction 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 owns 88,389 shares in the company, 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. Insiders sold 306,900 shares of company stock worth $106,401,841 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group lifted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. The Goldman Sachs Group lifted their target price on shares of AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Bank of America increased their price target on AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. Finally, Oppenheimer reiterated an “outperform” rating and set a $560.00 target price (up from $480.00) on shares of AppLovin in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $438.28.

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.