Zweig DiMenna Associates LLC Invests $23.80 Million in AppLovin Co. (NASDAQ:APP)

Zweig DiMenna Associates LLC purchased a new position in AppLovin Co. (NASDAQ:APP) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 73,500 shares of the company’s stock, valued at approximately $23,802,000. AppLovin makes up 1.8% of Zweig DiMenna Associates LLC’s portfolio, making the stock its 13th biggest holding.

Several other institutional investors also recently modified their holdings of the business. Berbice Capital Management LLC bought a new stake in shares of AppLovin in the fourth quarter worth approximately $631,000. Veracity Capital LLC grew its stake in shares of AppLovin by 94.3% in the fourth quarter. Veracity Capital LLC now owns 3,451 shares of the company’s stock worth $1,118,000 after acquiring an additional 1,675 shares during the period. Donoghue Forlines LLC grew its stake in shares of AppLovin by 28.4% in the fourth quarter. Donoghue Forlines LLC now owns 6,317 shares of the company’s stock worth $2,046,000 after acquiring an additional 1,399 shares during the period. Capital Planning Advisors LLC bought a new stake in shares of AppLovin in the fourth quarter worth approximately $256,000. Finally, Whalen Wealth Management Inc. bought a new stake in shares of AppLovin in the fourth quarter worth approximately $286,000. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares in the company, valued at $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 593,588 shares of the firm’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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 888,867 shares of company stock worth $284,773,062 over the last quarter. 14.69% of the stock is owned by company insiders.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $365.53 on Friday. The business’s 50 day simple moving average is $335.97 and its 200-day simple moving average is $195.69. The firm has a market capitalization of $122.67 billion, a price-to-earnings ratio of 110.11, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 12 month low of $40.71 and a 12 month high of $417.64.

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

Wall Street Analyst Weigh In

APP has been the topic of a number of research reports. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Macquarie raised their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Citigroup lifted 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. Finally, Stifel Nicolaus lifted their price target on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $355.41.

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.