Rhumbline Advisers Raises Stock Position in AppLovin Co. (NASDAQ:APP)

Rhumbline Advisers increased its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 3.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 455,702 shares of the company's stock after acquiring an additional 15,213 shares during the period. Rhumbline Advisers owned about 0.13% of AppLovin worth $120,747,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JFS Wealth Advisors LLC lifted its stake in shares of AppLovin by 38.2% in the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock valued at $34,000 after purchasing an additional 29 shares during the period. HighPoint Advisor Group LLC raised its stake in shares of AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares during the last quarter. Forum Financial Management LP raised its stake in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC raised its stake in shares of AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after purchasing an additional 38 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on APP. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Wednesday, May 28th. 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 report on Thursday, May 8th. Loop Capital restated a "buy" rating and set a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. FBN Securities assumed coverage on shares of AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $436.10.

AppLovin Stock Performance

AppLovin stock traded down $2.41 during midday trading on Thursday, reaching $414.11. 5,942,373 shares of the company traded hands, compared to its average volume of 6,102,380. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The firm has a market capitalization of $140.13 billion, a price-to-earnings ratio of 91.21, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53. The business has a 50 day moving average of $308.46 and a two-hundred day moving average of $331.62.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company's quarterly revenue was up 40.3% on a year-over-year basis. During the same period last year, the firm earned $0.67 earnings per share. As a group, research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity

In other news, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. This represents a 16.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dawson Alyssa Harvey sold 570 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $371.12, for a total transaction of $211,538.40. Following the sale, the director now directly owns 6,231 shares of the company's stock, valued at $2,312,448.72. The trade was a 8.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,115,754 shares of company stock worth $411,165,970 in the last three months. Company insiders own 14.69% of the company's stock.

AppLovin Profile

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.