Jennison Associates LLC Purchases 1,107,104 Shares of AppLovin Corporation (NASDAQ:APP)

Jennison Associates LLC grew its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 86.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,386,980 shares of the company's stock after purchasing an additional 1,107,104 shares during the period. Jennison Associates LLC owned about 0.70% of AppLovin worth $632,478,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. bought a new stake in shares of AppLovin in the fourth quarter valued at about $25,000. Atala Financial Inc acquired a new stake in AppLovin in the 1st quarter valued at approximately $26,000. Alpine Bank Wealth Management bought a new stake in AppLovin in the 1st quarter valued at approximately $27,000. Tucker Asset Management LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $28,000. Finally, ORG Wealth Partners LLC acquired a new position in AppLovin during the first quarter worth $29,000. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on APP. Oppenheimer restated an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their price target on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Piper Sandler reiterated an "overweight" rating and set a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Wedbush raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Finally, HSBC set a $436.00 target price on shares of AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $438.43.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 100,000 shares of AppLovin stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 171,420 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total value of $64,071,653.40. Following the transaction, the director directly owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. The trade was a 43.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 over the last 90 days. 13.66% of the stock is currently owned by insiders.

AppLovin Stock Performance

Shares of AppLovin stock traded up $0.68 during trading on Friday, reaching $364.46. The company's stock had a trading volume of 4,818,310 shares, compared to its average volume of 6,271,003. 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's 50-day moving average price is $362.51 and its 200-day moving average price is $335.09. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The firm has a market cap of $123.33 billion, a PE ratio of 65.79, a P/E/G ratio of 2.16 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's revenue was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 EPS. Equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin Profile

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.