Federated Hermes Inc. Sells 914 Shares of AppLovin Co. (NASDAQ:APP)

Federated Hermes Inc. reduced its stake in shares of AppLovin Co. (NASDAQ:APP) by 0.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 440,928 shares of the company’s stock after selling 914 shares during the period. Federated Hermes Inc.’s holdings in AppLovin were worth $17,571,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quantbot Technologies LP lifted its stake in AppLovin by 143.1% during the third quarter. Quantbot Technologies LP now owns 116,917 shares of the company’s stock worth $4,672,000 after purchasing an additional 68,822 shares during the last quarter. Ameriprise Financial Inc. lifted its position in AppLovin by 4,805.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,402,657 shares of the company’s stock worth $56,050,000 after buying an additional 1,374,066 shares during the last quarter. Black Swift Group LLC purchased a new stake in AppLovin in the third quarter worth approximately $999,000. Vanguard Group Inc. grew its position in AppLovin by 8.5% during the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after acquiring an additional 1,411,453 shares during the last quarter. Finally, Scout Investments Inc. raised its stake in shares of AppLovin by 83.2% during the third quarter. Scout Investments Inc. now owns 923,361 shares of the company’s stock worth $37,692,000 after acquiring an additional 419,221 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on APP. Wedbush upped their price objective on shares of AppLovin from $67.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. The Goldman Sachs Group raised their price objective on AppLovin from $59.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Daiwa Capital Markets initiated coverage on AppLovin in a research note on Monday, April 15th. They issued a “neutral” rating and a $80.00 target price for the company. Finally, Oppenheimer raised their price target on AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.31.

Insiders Place Their Bets

In related news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the sale, the insider now directly owns 471,560 shares in the company, valued at $35,371,715.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, Director Craig Scott Billings sold 5,550 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the transaction, the director now owns 12,739 shares of the company’s stock, valued at $743,065.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the transaction, the insider now owns 471,560 shares of the company’s stock, valued at $35,371,715.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,215 shares of company stock worth $4,416,815. Company insiders own 12.43% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $67.85 on Tuesday. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The firm’s fifty day simple moving average is $65.67 and its 200 day simple moving average is $49.24. The stock has a market cap of $23.20 billion, a P/E ratio of 67.85, a price-to-earnings-growth ratio of 1.35 and a beta of 1.90. AppLovin Co. has a twelve month low of $15.41 and a twelve month high of $79.55.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.35 by $0.14. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm had revenue of $953.26 million during the quarter, compared to analysts’ expectations of $928.66 million. During the same period last year, the company posted ($0.21) EPS. The company’s quarterly revenue was up 35.7% compared to the same quarter last year. As a group, research analysts predict that AppLovin Co. will post 2.47 EPS for the current year.

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.