Toronto Dominion Bank Purchases 5,531 Shares of AppLovin Co. (NASDAQ:APP)

Toronto Dominion Bank lifted its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 22.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,705 shares of the company's stock after buying an additional 5,531 shares during the period. Toronto Dominion Bank's holdings in AppLovin were worth $9,943,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC raised 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 acquiring an additional 5,957,885 shares during the last quarter. SVB Wealth LLC purchased a new stake in AppLovin during the fourth quarter valued at about $1,781,922,000. Baillie Gifford & Co. grew its position in AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after acquiring an additional 4,010,520 shares during the period. Norges Bank purchased a new stake in AppLovin during the fourth quarter valued at about $828,138,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on APP. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Wednesday. JPMorgan Chase & Co. upped their target price on AppLovin from $270.00 to $355.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Jefferies Financial Group increased their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Bank of America increased their price objective on AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Finally, Benchmark reaffirmed a "buy" rating and set a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $433.85.

AppLovin Stock Down 0.9%

Shares of NASDAQ APP traded down $3.35 during mid-day trading on Friday, reaching $380.88. The company had a trading volume of 7,834,410 shares, compared to its average volume of 6,080,428. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a market capitalization of $128.88 billion, a PE ratio of 83.89, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The stock's 50 day moving average is $297.68 and its 200-day moving average is $327.72.

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

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction dated 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 in the company, valued at approximately $21,359,201.85. This trade represents a 16.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now owns 221,209 shares of the company's stock, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,115,754 shares of company stock valued at $411,165,970 over the last three months. 14.69% of the stock is currently owned by insiders.

AppLovin Company 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.