Parnassus Investments LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 68,447 shares of the company's stock, valued at approximately $18,136,000.
Several other hedge funds have also recently modified their holdings of the stock. Forum Financial Management LP grew its stake in AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares in the last quarter. Vestcor Inc grew its stake in AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after acquiring an additional 33 shares in the last quarter. GSG Advisors LLC grew its stake in shares of AppLovin by 0.3% in the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after buying an additional 35 shares during the period. Argentarii LLC grew its stake in shares of AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after buying an additional 40 shares during the period. Finally, Atlas Capital Advisors Inc. grew its stake in shares of AppLovin by 11.3% in the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after buying an additional 40 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.
Analyst Upgrades and Downgrades
APP has been the subject of several analyst reports. UBS Group increased their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wedbush reissued an "outperform" rating and issued a $620.00 price target on shares of AppLovin in a research note on Thursday, August 7th. BTIG Research increased their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley increased their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $478.81.
Check Out Our Latest Stock Analysis on APP
Insiders Place Their Bets
In other AppLovin news, insider Victoria Valenzuela sold 15,000 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $450.00, for a total transaction of $6,750,000.00. Following the sale, the insider directly owned 304,955 shares in the company, valued at $137,229,750. This represents a 4.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Vasily Shikin sold 17,564 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.48, for a total transaction of $7,683,898.72. Following the sale, the chief technology officer owned 53,389 shares in the company, valued at approximately $23,356,619.72. This trade represents a 24.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,236,152 shares of company stock worth $545,240,378 in the last ninety days. 13.66% of the stock is owned by corporate insiders.
AppLovin Stock Performance
NASDAQ:APP opened at $483.75 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market capitalization of $163.63 billion, a P/E ratio of 68.71, a PEG ratio of 2.59 and a beta of 2.43. The company has a 50 day moving average price of $384.32 and a 200 day moving average price of $347.60. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15.
AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm's quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the company posted $0.89 EPS. Equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.
AppLovin Profile
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Free Report)
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.
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