AppLovin Corporation $APP Shares Acquired by IFM Investors Pty Ltd

Key Points

• IFM Investors Pty Ltd increased its stake in AppLovin Corporation by 15.6%, acquiring an additional 6,104 shares during the second quarter, bringing their total holdings to approximately $15.8 million.
• CEO Arash Adam Foroughi sold 90,000 shares for nearly $38 million, reducing his ownership by 3.32%, while the company reported $2.26 earnings per share exceeding analysts' expectations.
• AppLovin's stock has shown significant volatility, with a one-year trading range between $123.51 and $653.06, and currently carries a market cap of $219.72 billion.

IFM Investors Pty Ltd lifted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 15.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,209 shares of the company's stock after purchasing an additional 6,104 shares during the period. IFM Investors Pty Ltd's holdings in AppLovin were worth $15,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APP. Vanguard Group Inc. raised 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 acquiring an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after buying an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. increased its stake in AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after buying an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp lifted its holdings in AppLovin by 12.9% during the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock worth $762,849,000 after acquiring an additional 328,000 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Jefferies Financial Group lifted their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a report on Friday, September 5th. JPMorgan Chase & Co. increased their target price on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company boosted their target price on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research note on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus target price of $501.95.

Insider Activity at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director owned 3,150 shares of the company's stock, valued at $1,537,105.50. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 in the last ninety days. Insiders own 13.66% of the company's stock.

AppLovin Stock Performance

APP traded up $28.07 during trading on Friday, reaching $649.59. 73,086,587 shares of the company's stock were exchanged, compared to its average volume of 6,614,834. The stock has a market capitalization of $219.72 billion, a P/E ratio of 92.27, a price-to-earnings-growth ratio of 3.60 and a beta of 2.44. AppLovin Corporation has a 1 year low of $123.51 and a 1 year high of $653.06. The company's fifty day simple moving average is $451.52 and its 200-day simple moving average is $363.67. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 earnings per share. As a group, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

About AppLovin

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.