WT Asset Management Ltd Invests $24.34 Million in AppLovin Corporation (NASDAQ:APP)

WT Asset Management Ltd bought a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 91,863 shares of the company's stock, valued at approximately $24,341,000. AppLovin makes up about 2.8% of WT Asset Management Ltd's investment portfolio, making the stock its 14th biggest position.

Several other institutional investors also recently modified their holdings of the stock. FMR LLC boosted its holdings in shares of AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after buying an additional 5,957,885 shares during the period. Geode Capital Management LLC boosted its stake in AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after purchasing an additional 573,310 shares during the period. Invesco Ltd. boosted its stake in AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after purchasing an additional 1,222,074 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of AppLovin by 193.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock valued at $882,469,000 after purchasing an additional 1,797,027 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the sale, the director owned 221,209 shares in the company, valued at approximately $82,681,287.93. This trade represents a 43.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Corporate insiders own 13.66% of the company's stock.

Analyst Ratings Changes

APP has been the subject of several research analyst reports. Citigroup reissued a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Wells Fargo & Company increased their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. Piper Sandler reiterated an "overweight" rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Finally, HSBC set a $436.00 target price on shares of AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $438.85.

AppLovin Stock Performance

APP traded down $0.69 during trading on Wednesday, hitting $336.00. The stock had a trading volume of 4,080,666 shares, compared to its average volume of 6,218,435. The firm has a market cap of $113.70 billion, a PE ratio of 60.65, a P/E/G ratio of 2.01 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a 50 day simple moving average of $347.96 and a 200-day simple moving average of $333.88.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the company posted $0.67 earnings per share. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. Analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

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.