China Universal Asset Management Co. Ltd. Lowers Position in AppLovin Corporation (NASDAQ:APP)

China Universal Asset Management Co. Ltd. lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 8.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,939 shares of the company's stock after selling 2,422 shares during the period. AppLovin accounts for 0.7% of China Universal Asset Management Co. Ltd.'s holdings, making the stock its 28th biggest position. China Universal Asset Management Co. Ltd.'s holdings in AppLovin were worth $7,138,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in APP. FMR LLC lifted 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. Geode Capital Management LLC lifted its holdings in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after buying an additional 573,310 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after buying an additional 1,222,074 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after buying an additional 2,373,885 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of AppLovin by 193.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after buying an additional 1,797,027 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Herald Y. Chen sold 171,420 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total value of $64,071,653.40. Following the sale, the director directly owned 221,209 shares in the company, valued at $82,681,287.93. This trade represents a 43.66% 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 over the last 90 days. Company insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on APP. UBS Group raised their price target on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Oppenheimer reissued an "outperform" rating and set a $500.00 price target (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. FBN Securities began coverage on AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. Finally, Morgan Stanley boosted their price target on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $438.43.

AppLovin Stock Down 1.8%

AppLovin stock traded down $6.42 during trading on Thursday, hitting $346.32. 5,618,175 shares of the company were exchanged, compared to its average volume of 6,217,090. The business's 50 day moving average is $356.34 and its 200 day moving average is $334.37. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a market capitalization of $117.19 billion, a P/E ratio of 62.51, a PEG ratio of 2.05 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last announced 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. AppLovin's revenue was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 earnings per share. Analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

About AppLovin

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.