Price T Rowe Associates Inc. MD Grows Stock Holdings in AppLovin Corporation $APP

Key Points

• Price T Rowe Associates Inc. increased its stake in AppLovin by 36.7%, holding approximately $1.75 billion worth of shares as of the latest quarter.
• Despite reporting earnings per share of $2.26, which exceeded expectations, AppLovin's revenue of $1.26 billion fell short of analysts' predictions.
• AppLovin has seen significant insider activity, with insiders selling over $448 million worth of shares in the last ninety days, reflecting a 13.66% ownership by company insiders.

Price T Rowe Associates Inc. MD grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 36.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,588,483 shares of the company's stock after purchasing an additional 1,769,400 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.94% of AppLovin worth $1,745,752,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of AppLovin during the fourth quarter worth $25,000. Atala Financial Inc purchased a new stake in shares of AppLovin during the first quarter worth $26,000. Alpine Bank Wealth Management purchased a new stake in shares of AppLovin during the first quarter worth $27,000. ORG Wealth Partners LLC purchased a new stake in shares of AppLovin during the first quarter worth $29,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new stake in shares of AppLovin during the first quarter worth $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Up 1.5%

NASDAQ:APP traded up $6.6180 during trading hours on Monday, hitting $448.2980. The company's stock had a trading volume of 2,258,675 shares, compared to its average volume of 7,068,002. The stock has a market capitalization of $151.64 billion, a P/E ratio of 63.75, a price-to-earnings-growth ratio of 2.47 and a beta of 2.43. The stock has a fifty day moving average of $375.38 and a 200-day moving average of $344.73. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52-week low of $82.51 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business's quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.89 earnings per share. On average, equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Transactions at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total transaction of $92,938,000.00. Following the transaction, the director owned 381,929 shares of the company's stock, valued at approximately $177,478,587.01. This trade represents a 34.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,221,152 shares of company stock worth $538,490,378. 13.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on APP. Jefferies Financial Group upped their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. The Goldman Sachs Group lifted their price target on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Wells Fargo & Company lifted their price target on shares of AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research note on Thursday. Scotiabank lifted their price target on shares of AppLovin from $430.00 to $450.00 and gave the stock a "sector outperform" rating in a research note on Thursday, August 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus target price of $472.86.

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.