Banque Cantonale Vaudoise Takes $362,000 Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Banque Cantonale Vaudoise has acquired a new stake in AppLovin Corporation, purchasing 1,366 shares valued at approximately $362,000.
• Key institutional investors like FMR LLC and Baillie Gifford & Co. have recently increased their holdings significantly, with FMR LLC's position expanding by 75.5% to over 13.8 million shares.
• AppLovin has been rated as a "strong-buy" by analysts, with a consensus target price of $447.57 and substantial revenue growth of 40.3% year-over-year.

Banque Cantonale Vaudoise purchased a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,366 shares of the company's stock, valued at approximately $362,000.

A number of other large investors also recently modified their holdings of APP. FMR LLC raised its position in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Invesco Ltd. raised its position in shares of AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after acquiring an additional 1,222,074 shares in the last quarter. Dynasty Wealth Management LLC raised its position in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after acquiring an additional 2,700,399 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after acquiring an additional 1,107,104 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on APP shares. Scotiabank raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Benchmark reissued a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. BTIG Research raised their target price on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Jefferies Financial Group raised their target price on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $447.57.

AppLovin Trading Down 3.0%

Shares of APP stock opened at $379.17 on Friday. The company's fifty day simple moving average is $363.45 and its two-hundred day simple moving average is $337.53. 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. The stock has a market capitalization of $128.31 billion, a price-to-earnings ratio of 68.44, a PEG ratio of 2.33 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. The business 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 business's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 EPS. As a group, analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 100,000 shares of the 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 of the company's stock, valued at $1,014,461,006.13. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the transaction, the director directly owned 221,209 shares in the company, valued at approximately $82,867,103.49. This represents a 64.39% 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. Company insiders own 13.66% of the company's stock.

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.

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