Angeles Wealth Management LLC bought a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 668 shares of the company's stock, valued at approximately $234,000.
Several other institutional investors and hedge funds have also recently modified their holdings of APP. Dynasty Wealth Management LLC lifted its position in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the period. Vanguard Group Inc. lifted its position in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Baillie Gifford & Co. lifted its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Finally, Jennison Associates LLC lifted its position in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after purchasing an additional 1,107,104 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 in the last quarter. 13.66% of the stock is owned by company insiders.
Analyst Ratings Changes
APP has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. BTIG Research lifted their price target on shares of AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Oppenheimer set a $740.00 price target on shares of AppLovin in a research report on Tuesday, October 7th. Bank of America lifted their price target on shares of AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday, October 1st. Finally, Wall Street Zen cut shares of AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $600.59.
Read Our Latest Report on AppLovin
AppLovin Stock Down 1.1%
NASDAQ:APP opened at $599.31 on Friday. The firm has a market cap of $202.72 billion, a P/E ratio of 85.13, a P/E/G ratio of 3.25 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a fifty-two week low of $141.35 and a fifty-two week high of $745.61. The firm has a 50-day simple moving average of $556.25 and a two-hundred day simple moving average of $412.29.
AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin's revenue was up 77.1% compared to the same quarter last year. During the same period last year, the business earned $0.89 EPS. Analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal 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.
See Also
Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).
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