4,058 Shares in AppLovin Corporation $APP Bought by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors initiated a position in AppLovin by purchasing 4,058 shares valued at approximately $2.1 million. Institutional investors and hedge funds collectively own 41.85% of the company.
• AppLovin reported quarterly EPS of $3.76, matching estimates, while revenue rose 52.8% year over year to $1.92 billion, slightly below expectations.
• Analysts have recently lowered their price targets, but the stock retains a “Moderate Buy” consensus rating with an average target of $553.83. Shares opened at $305.77, near their 52-week low of $298.

Great Lakes Advisors LLC bought a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,058 shares of the company's stock, valued at approximately $2,091,000.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its position in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after buying an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of AppLovin by 3,118.6% during the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company's stock worth $2,826,049,000 after purchasing an additional 4,063,763 shares during the last quarter. Norges Bank acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $2,040,321,000. Bank of New York Mellon Corp bought a new position in AppLovin in the 2nd quarter valued at approximately $730,015,000. Finally, Northern Trust Corp grew its holdings in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock worth $1,706,144,000 after acquiring an additional 756,660 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

Shares of APP opened at $305.77 on Friday. AppLovin Corporation has a 52-week low of $298.00 and a 52-week high of $745.61. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. The business's 50 day moving average price is $427.68 and its two-hundred day moving average price is $448.23. The firm has a market cap of $102.33 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 0.62 and a beta of 2.54.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The company's quarterly revenue was up 52.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.39 EPS. On average, equities analysts anticipate that AppLovin Corporation will post 15.57 EPS for the current year.

Insider Activity

In other news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares of the company's stock, valued at $106,470,000. This represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 303,280 shares of company stock valued at $153,835,185. Corporate insiders own 12.81% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on APP. Piper Sandler cut their price target on shares of AppLovin from $385.00 to $325.00 and set a "neutral" rating on the stock in a report on Friday. BTIG Research reduced their price target on AppLovin from $574.00 to $408.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. The Goldman Sachs Group decreased their price target on AppLovin from $585.00 to $465.00 and set a "neutral" rating for the company in a research note on Thursday, August 6th. Morgan Stanley cut their price objective on AppLovin from $720.00 to $650.00 and set an "overweight" rating on the stock in a research note on Thursday, August 6th. Finally, Wells Fargo & Company reduced their target price on AppLovin from $357.00 to $325.00 and set an "equal weight" rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $553.83.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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