AppLovin Corporation $APP Shares Acquired by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in AppLovin during the fourth quarter, increasing holdings by 105.9% to 17,360 shares worth about $11.7 million.
• Other major institutional investors also boosted their positions, while institutions and hedge funds now own 41.85% of AppLovin’s shares.
• Analysts remain largely positive on the stock, with a Moderate Buy consensus and an average price target of $664.35; AppLovin also recently beat earnings and revenue estimates for the quarter.

Allstate Corp lifted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 105.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,360 shares of the company's stock after buying an additional 8,928 shares during the quarter. Allstate Corp's holdings in AppLovin were worth $11,698,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in APP. Vanguard Group Inc. raised its stake in shares of AppLovin by 39.4% during the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock worth $17,930,776,000 after buying an additional 7,051,663 shares during the last quarter. State Street Corp increased its position in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares in the last quarter. Capital Research Global Investors purchased a new stake in AppLovin during the 3rd quarter worth about $743,899,000. Northern Trust Corp increased its position in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock worth $1,706,144,000 after purchasing an additional 756,660 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in AppLovin by 51.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,493,494 shares of the company's stock worth $1,073,135,000 after purchasing an additional 504,341 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on APP shares. Wedbush reiterated an "outperform" rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. UBS Group dropped their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Morgan Stanley set a $720.00 price objective on AppLovin in a research report on Thursday, February 12th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $664.35.

Insider Activity

In other news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total value of $30,549,749.72. Following the completion of the transaction, the chief technology officer directly owned 3,255,273 shares in the company, valued at $1,583,462,445.39. This represents a 1.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 365,244 shares of company stock valued at $169,584,607 in the last three months. Corporate insiders own 13.66% of the company's stock.

AppLovin Price Performance

APP opened at $481.68 on Tuesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $161.82 billion, a price-to-earnings ratio of 41.38, a price-to-earnings-growth ratio of 0.78 and a beta of 2.37. The business has a 50-day moving average of $446.95 and a two-hundred day moving average of $522.30. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm's revenue was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.67 EPS. On average, research analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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