Allspring Global Investments Holdings LLC Has $79.68 Million Stock Position in AppLovin Corporation (NASDAQ:APP)

Allspring Global Investments Holdings LLC increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 136.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 281,868 shares of the company's stock after buying an additional 162,576 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of AppLovin worth $79,684,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in APP. FMR LLC boosted its position in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AppLovin in the 4th quarter valued at about $1,781,922,000. Geode Capital Management LLC grew its stake in AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after buying an additional 573,310 shares during the period. Invesco Ltd. increased its holdings in AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 buying an additional 2,373,885 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In other news, CEO Arash Adam Foroughi sold 100,000 shares of AppLovin stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the sale, the chief executive officer owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 171,420 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the sale, the director directly owned 221,209 shares in the company, valued at approximately $82,681,287.93. The trade was a 43.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. Corporate insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. UBS Group upped their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Thursday. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Jefferies Financial Group upped their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average target price of $438.85.

AppLovin Stock Up 4.9%

Shares of APP traded up $16.30 during mid-day trading on Monday, hitting $350.08. 8,199,327 shares of the company's stock were exchanged, compared to its average volume of 6,207,664. The firm has a fifty day moving average of $343.55 and a two-hundred day moving average of $333.68. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The stock has a market cap of $118.46 billion, a price-to-earnings ratio of 63.19, a P/E/G ratio of 1.99 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the company earned $0.67 earnings per share. The business's quarterly revenue was up 40.3% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share 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.