AppLovin Corporation (NASDAQ:APP) Position Lowered by WCM Investment Management LLC

WCM Investment Management LLC decreased its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 7.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,425,507 shares of the company's stock after selling 502,051 shares during the quarter. AppLovin makes up about 4.5% of WCM Investment Management LLC's holdings, making the stock its 3rd biggest position. WCM Investment Management LLC owned approximately 1.89% of AppLovin worth $1,750,180,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of APP. FMR LLC increased its holdings in shares of AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. Norges Bank acquired a new position in AppLovin during the fourth quarter valued at approximately $828,138,000. Arrowstreet Capital Limited Partnership increased 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 buying an additional 2,373,885 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of AppLovin by 193.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after acquiring an additional 1,797,027 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in AppLovin in the fourth quarter valued at approximately $535,070,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the sale, the director directly owned 221,209 shares in the company, valued at $82,681,287.93. The trade was a 43.66% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by company insiders.

AppLovin Stock Up 1.3%

Shares of APP traded up $4.24 during trading hours on Thursday, hitting $340.24. The company had a trading volume of 3,525,836 shares, compared to its average volume of 6,220,592. The company's fifty day moving average price is $351.09 and its two-hundred day moving average price is $333.87. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The company has a market capitalization of $115.13 billion, a PE ratio of 61.42, a price-to-earnings-growth ratio of 2.00 and a beta of 2.42.

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

Analysts Set New Price Targets

A number of research firms have weighed in on APP. Wedbush raised AppLovin to a "strong-buy" rating in a research report on Tuesday. UBS Group increased their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Morgan Stanley upped their price target on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, The Goldman Sachs Group increased their price target on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $438.85.

AppLovin Company 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.