Charles Schwab Investment Management Inc. Has $269.96 Million Stake in AppLovin Corporation (NASDAQ:APP)

Key Points

• Charles Schwab Investment Management Inc. increased its position in AppLovin Corporation by 5.6% in Q1, bringing its total ownership to approximately 1,018,815 shares valued at $269,955,000.
• Major institutional investors including Vanguard Group and Baillie Gifford & Co. have also significantly increased their holdings in AppLovin, with Vanguard adding 7.3% and Baillie Gifford increasing by 29.0% during the same quarter.
• Analyst sentiments show a leaning towards positivity as firms like Wells Fargo and Morgan Stanley have raised their target prices for AppLovin to as high as $500.00, while the stock has a consensus rating of "Moderate Buy".

Charles Schwab Investment Management Inc. lifted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 5.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,018,815 shares of the company's stock after acquiring an additional 53,637 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.30% of AppLovin worth $269,955,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in APP. Fuller & Thaler Asset Management Inc. bought a new stake in AppLovin in the fourth quarter valued at about $25,000. Atala Financial Inc acquired a new position in AppLovin in the first quarter valued at about $26,000. Alpine Bank Wealth Management acquired a new position in AppLovin in the first quarter valued at about $27,000. ORG Wealth Partners LLC acquired a new position in AppLovin in the first quarter valued at about $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in AppLovin in the first quarter valued at about $29,000. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was 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 $25,069,185.96. This trade represents a 32.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the sale, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 in the last quarter. Insiders own 13.66% of the company's stock.

AppLovin Stock Performance

NASDAQ:APP traded up $18.64 on Friday, hitting $455.98. The company's stock had a trading volume of 9,470,995 shares, compared to its average volume of 5,628,843. The company has a current ratio of 2.74, a quick ratio of 1.68 and a debt-to-equity ratio of 3.01. The stock has a fifty day moving average of $366.78 and a two-hundred day moving average of $339.90. The firm has a market capitalization of $154.30 billion, a P/E ratio of 64.77, a price-to-earnings-growth ratio of 2.71 and a beta of 2.43. AppLovin Corporation has a one year low of $72.81 and a one year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company earned $0.89 earnings per share. The business's revenue for the quarter was up 77.1% compared to the same quarter last year. Research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on APP shares. Scotiabank boosted their target price on AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a research note on Thursday. Wells Fargo & Company boosted their target price on AppLovin from $405.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday. UBS Group boosted their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Morgan Stanley boosted their target price on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $472.33.

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.