AppLovin Corporation (NASDAQ:APP) Shares Bought by Allianz Asset Management GmbH

Allianz Asset Management GmbH grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 672.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 208,034 shares of the company's stock after purchasing an additional 181,105 shares during the period. Allianz Asset Management GmbH owned 0.06% of AppLovin worth $55,123,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of APP. Kingswood Wealth Advisors LLC grew its holdings in AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after purchasing an additional 66,453 shares during the period. Yousif Capital Management LLC grew its holdings in AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after purchasing an additional 119 shares during the period. Peak Retirement Planning Inc. purchased a new stake in AppLovin in the fourth quarter valued at approximately $969,000. Finally, Assenagon Asset Management S.A. grew its holdings in AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after purchasing an additional 121 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on APP shares. Wells Fargo & Company boosted their target price on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Scotiabank upgraded shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 8th. Oppenheimer reiterated an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. The Goldman Sachs Group boosted their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Finally, Citigroup reiterated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Stock Up 1.2%

Shares of NASDAQ APP traded up $4.20 during trading on Friday, reaching $364.14. 2,880,710 shares of the stock were exchanged, compared to its average volume of 4,896,801. The business's 50-day moving average price is $362.09 and its 200 day moving average price is $335.83. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The company has a market capitalization of $123.22 billion, a price-to-earnings ratio of 65.73, a price-to-earnings-growth ratio of 2.17 and a beta of 2.42.

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

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Herald Y. Chen sold 100,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the completion of the sale, the director directly owned 181,929 shares in the company, valued at $76,393,806.39. This represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

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.