GF Fund Management CO. LTD. boosted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,760 shares of the company's stock after buying an additional 9,647 shares during the quarter. AppLovin makes up about 1.0% of GF Fund Management CO. LTD.'s holdings, making the stock its 21st biggest position. GF Fund Management CO. LTD.'s holdings in AppLovin were worth $56,439,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in AppLovin by 39.4% in 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 in the last quarter. State Street Corp lifted its position in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock worth $8,516,471,000 after buying an additional 6,237,051 shares in the last quarter. Invesco Ltd. lifted its position in AppLovin by 9.4% in the 3rd quarter. Invesco Ltd. now owns 4,292,752 shares of the company's stock worth $3,084,514,000 after buying an additional 367,083 shares in the last quarter. Jennison Associates LLC lifted its position in AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company's stock worth $2,792,355,000 after buying an additional 1,381,970 shares in the last quarter. Finally, Kensico Capital Management Corp lifted its position in AppLovin by 3.1% in the 3rd quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company's stock worth $2,240,767,000 after buying an additional 95,000 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.
AppLovin Stock Performance
NASDAQ:APP opened at $477.20 on Friday. AppLovin Corporation has a 1 year low of $222.02 and a 1 year high of $745.61. The firm's fifty day simple moving average is $429.44 and its 200 day simple moving average is $547.78. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $160.95 billion, a PE ratio of 48.94, a PEG ratio of 0.81 and a beta of 2.50.
AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.89 by $0.35. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business posted $1.73 EPS. AppLovin's revenue was up 66.0% compared to the same quarter last year. On average, sell-side analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.
Analysts Set New Price Targets
A number of research firms have issued reports on APP. Evercore reiterated a "buy" rating on shares of AppLovin in a research report on Friday, January 30th. Wedbush increased their target price on shares of AppLovin from $465.00 to $640.00 and gave the stock an "outperform" rating in a research report on Thursday, February 12th. Needham & Company LLC reiterated a "buy" rating and issued a $700.00 target price on shares of AppLovin in a research report on Wednesday, March 11th. Weiss Ratings downgraded shares of AppLovin from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, March 10th. Finally, Wells Fargo & Company increased their target price on shares of AppLovin from $543.00 to $560.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $661.95.
Get Our Latest Research Report on AppLovin
Insider Activity at AppLovin
In related news, CEO Arash Adam Foroughi sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer directly owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the transaction, the director owned 6,969,382 shares in the company, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 365,244 shares of company stock worth $169,584,607. 13.66% of the stock is owned by insiders.
About AppLovin
(
Free Report)
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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