AppLovin Corporation $APP Shares Purchased by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC dramatically increased its holdings in AppLovin Corporation by 4,893.0%, acquiring a total of 40,793 shares worth approximately $10.8 million.
• Several other hedge funds also increased their investments in AppLovin, with Northwestern Mutual Wealth Management boosting theirs by 9,314.8% during the same quarter.
• Equities analysts have raised their price targets for AppLovin, with UBS Group increasing its target from $450 to $475, reflecting a generally positive outlook on the stock.

ICONIQ Capital LLC increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 4,893.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,793 shares of the company's stock after acquiring an additional 39,976 shares during the quarter. AppLovin makes up approximately 0.2% of ICONIQ Capital LLC's holdings, making the stock its 25th biggest holding. ICONIQ Capital LLC's holdings in AppLovin were worth $10,809,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Quantitative Investment Management LLC acquired a new stake in AppLovin during the first quarter worth approximately $7,559,000. Napa Wealth Management boosted its position in AppLovin by 67.9% during the first quarter. Napa Wealth Management now owns 2,023 shares of the company's stock worth $536,000 after acquiring an additional 818 shares during the last quarter. Jump Financial LLC boosted its position in AppLovin by 2,816.4% during the first quarter. Jump Financial LLC now owns 111,813 shares of the company's stock worth $29,627,000 after acquiring an additional 107,979 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in AppLovin by 0.4% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 39,982 shares of the company's stock worth $10,594,000 after acquiring an additional 164 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in AppLovin by 9,314.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 106,764 shares of the company's stock worth $28,289,000 after acquiring an additional 105,630 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the transaction, the director owned 7,283,292 shares in the company, valued at $3,394,014,072. The trade was a 1.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,221,152 shares of company stock worth $538,490,378. Insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on APP shares. UBS Group lifted their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Scotiabank lifted their price target on shares of AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a report on Thursday, August 7th. BTIG Research lifted their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Morgan Stanley lifted their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC reiterated 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 issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $472.86.

AppLovin Stock Performance

NASDAQ:APP opened at $441.68 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $149.40 billion, a price-to-earnings ratio of 62.74, a PEG ratio of 2.47 and a beta of 2.43. The firm's fifty day simple moving average is $375.38 and its 200 day simple moving average is $344.98. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business's quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 EPS. As a group, equities research analysts expect 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.

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