Praxis Investment Management Inc. increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 27.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,140 shares of the company's stock after purchasing an additional 1,540 shares during the period. Praxis Investment Management Inc.'s holdings in AppLovin were worth $1,892,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the business. FMR LLC raised its position in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $1,781,922,000. Geode Capital Management LLC raised its holdings in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after acquiring an additional 573,310 shares during the period. Invesco Ltd. grew its position in AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of AppLovin by 457.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after acquiring an additional 2,373,885 shares during the period. 41.85% of the stock is currently owned by institutional investors.
AppLovin Trading Down 5.7%
Shares of NASDAQ:APP traded down $19.67 during trading on Friday, reaching $324.70. The stock had a trading volume of 8,710,201 shares, compared to its average volume of 6,142,543. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The business has a fifty day moving average price of $333.20 and a 200-day moving average price of $333.86. The stock has a market cap of $109.88 billion, a P/E ratio of 58.61, a PEG ratio of 1.89 and a beta of 2.53.
AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm posted $0.67 earnings per share. The firm's quarterly revenue was up 40.3% compared to the same quarter last year. As a group, analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.
Insider Activity at AppLovin
In other AppLovin news, CEO Arash Adam Foroughi sold 33,700 shares of AppLovin stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the completion of the sale, the chief executive officer now directly owns 2,760,363 shares of the company's stock, valued at $1,009,023,091.02. The trade was a 1.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the sale, the director now owns 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock valued at $455,062,980 over the last ninety days. 13.66% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
APP has been the subject of several analyst reports. Piper Sandler lifted their price objective on shares of AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. UBS Group increased their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Arete Research set a $200.00 target price on shares of AppLovin in a research report on Wednesday, March 5th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $438.10.
Check Out Our Latest Stock Report on APP
AppLovin Profile
(
Free Report)
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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