AppLovin Corporation (NASDAQ:APP) Position Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,062,544 shares of the company's stock after purchasing an additional 30,229 shares during the period. Bank of New York Mellon Corp owned 0.31% of AppLovin worth $281,542,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of APP. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin during the fourth quarter worth approximately $25,000. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter worth approximately $28,000. Atala Financial Inc purchased a new position in AppLovin during the first quarter worth approximately $26,000. ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter worth approximately $29,000. Finally, Alpine Bank Wealth Management purchased a new position in AppLovin during the first quarter worth approximately $27,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In other news, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the completion of the transaction, the director directly owned 181,929 shares of the company's stock, valued at approximately $76,393,806.39. The trade was a 35.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction 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 $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 0.2%

APP traded down $0.71 during trading on Tuesday, hitting $344.29. The company had a trading volume of 1,036,436 shares, compared to its average volume of 6,189,939. The company has a market cap of $116.50 billion, a PE ratio of 62.25, a P/E/G ratio of 2.04 and a beta of 2.42. The business has a 50-day moving average of $353.55 and a 200-day moving average of $334.17. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. UBS Group lifted their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Piper Sandler reaffirmed an "overweight" rating and set a $470.00 price target (up from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Morgan Stanley lifted their price target on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price target (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $438.43.

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.