AppLovin Corporation $APP Stock Acquired by Aberdeen Group plc

Key Points

• Aberdeen Group increased its AppLovin stake by 2,693.5% in the third quarter, adding 844,010 shares to reach 875,345 shares, worth about $254.2 million.
• AppLovin beat quarterly earnings and revenue estimates, reporting EPS of $4.30 and revenue of $2.18 billion, up 55.5% year over year.
• Analysts’ average rating is Moderate Buy, with an average price target of $497.93, though several firms recently lowered their targets.

Aberdeen Group plc grew its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 2,693.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 875,345 shares of the company's stock after buying an additional 844,010 shares during the quarter. Aberdeen Group plc owned approximately 0.26% of AppLovin worth $254,226,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Pioneer Family Office LLC bought a new stake in AppLovin during the 2nd quarter valued at $31,000. Cassaday & Co Wealth Management LLC purchased a new stake in AppLovin in the 1st quarter valued at $25,000. LifeSteps Financial Inc. purchased a new position in AppLovin during the second quarter worth about $40,000. Archer Investment Corp acquired a new stake in shares of AppLovin during the second quarter worth about $42,000. Finally, IMA Advisory Services Inc. lifted its position in shares of AppLovin by 40.0% during the 1st quarter. IMA Advisory Services Inc. now owns 84 shares of the company's stock worth $33,000 after purchasing an additional 24 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

NASDAQ:APP opened at $409.10 on Friday. The stock has a market capitalization of $135.54 billion, a PE ratio of 27.53, a P/E/G ratio of 0.80 and a beta of 2.51. The company has a current ratio of 3.80, a quick ratio of 3.80 and a debt-to-equity ratio of 1.07. AppLovin Corporation has a 1-year low of $225.19 and a 1-year high of $738.01. The firm has a fifty day simple moving average of $302.13 and a 200 day simple moving average of $406.68.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $4.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.03 by $0.27. AppLovin had a net margin of 65.89% and a return on equity of 182.97%. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the business posted $2.45 EPS. The business's revenue was up 55.5% compared to the same quarter last year. On average, research analysts expect that AppLovin Corporation will post 16.25 EPS for the current fiscal year.

Key Stories Impacting AppLovin

These are some of the APP stories that stood out recently:

• Positive Sentiment: AppLovin’s latest quarterly results beat analyst estimates for earnings and revenue, with revenue up 55.5% year over year. A report also cites fresh fourth-quarter guidance and an expanded share-repurchase plan, supporting the recent rebound in the shares. Article: AppLovin Jumps on Strong Q3 Results
• Negative Sentiment: ETFs were net sellers of $16.7 million in AppLovin shares on Nov. 11, a modest sign of selling pressure. Article: ETFs Are Net Sellers of AppLovin
• Negative Sentiment: A Seeking Alpha article downgraded the stock, arguing valuation outweighs execution; this may temper enthusiasm after the recent rally. Article: AppLovin Valuation Trumps Execution

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Weiss Ratings raised AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, October 16th. Loop Capital cut their price target on shares of AppLovin from $860.00 to $600.00 and set a "buy" rating on the stock in a report on Thursday, August 20th. Deutsche Bank dropped their price objective on shares of AppLovin from $660.00 to $580.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. HSBC lowered their price objective on shares of AppLovin from $450.00 to $409.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Finally, BTIG Research boosted their target price on shares of AppLovin from $396.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, November 5th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $497.93.

AppLovin Profile

AppLovin is a technology company that provides software to help mobile app developers and advertisers grow their businesses. Its platform connects advertisers seeking users with app publishers looking to monetize their audiences, using data and machine-learning tools to support advertising and user acquisition. The company's products include AXON, its advertising optimization engine; AppDiscovery, which helps advertisers find and acquire users; and MAX, a platform for managing in-app advertising.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.