BOCHK Asset Management Ltd Acquires 2,911 Shares of AppLovin Corporation (NASDAQ:APP)

BOCHK Asset Management Ltd grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,281 shares of the company's stock after acquiring an additional 2,911 shares during the period. AppLovin comprises approximately 12.0% of BOCHK Asset Management Ltd's portfolio, making the stock its 2nd largest position. BOCHK Asset Management Ltd's holdings in AppLovin were worth $21,272,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. HighPoint Advisor Group LLC increased its position in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares in the last quarter. Forum Financial Management LP increased its holdings in AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after buying an additional 33 shares during the last quarter. Truvestments Capital LLC increased its holdings in AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock valued at $1,696,000 after buying an additional 38 shares during the last quarter. Finally, Argentarii LLC raised its stake in AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the topic of a number of recent analyst reports. Loop Capital reiterated a "buy" rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. FBN Securities initiated coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. Scotiabank initiated coverage on shares of AppLovin in a report on Monday. They issued an "outperform" rating and a $430.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $438.43.

AppLovin Stock Performance

APP traded up $3.36 during trading on Monday, hitting $345.00. The stock had a trading volume of 3,155,375 shares, compared to its average volume of 6,210,137. The firm has a market capitalization of $116.74 billion, a P/E ratio of 62.27, a PEG ratio of 2.04 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The company's 50-day moving average price is $352.35 and its 200 day moving average price is $334.14.

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, topping the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion during 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 revenue for the quarter 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. On average, equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 34,766 shares of the business's 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 sale, the chief technology officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the sale, the chief financial officer directly owned 192,421 shares in the company, valued at $81,394,083. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

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.