Commerce Bank Has $6.27 Million Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Commerce Bank cut its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,659 shares of the company's stock after selling 1,993 shares during the period. Commerce Bank's holdings in AppLovin were worth $6,269,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC boosted its stake in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. Baillie Gifford & Co. boosted its stake in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. boosted its stake in AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the last quarter. Dynasty Wealth Management LLC boosted its stake in AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after purchasing an additional 1,107,104 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Piper Sandler reiterated an "overweight" rating and set a $470.00 price target (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Scotiabank upgraded AppLovin to a "strong-buy" rating in a research note on Tuesday, July 8th. UBS Group boosted their target price on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group boosted their target price on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $447.57.

Insider Activity

In other news, Director Herald Y. Chen sold 400,000 shares of the company's 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 transaction, the director owned 221,209 shares of the company's stock, valued at approximately $82,867,103.49. This represents a 64.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 completion of the transaction, the chief executive officer directly owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. The trade was a 3.50% 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 Trading Down 3.0%

NASDAQ:APP opened at $379.17 on Friday. The company has a market cap of $128.31 billion, a P/E ratio of 68.44, a P/E/G ratio of 2.26 and a beta of 2.43. The stock's fifty day moving average price is $363.45 and its two-hundred day moving average price is $337.54. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. 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 (NASDAQ:APP - Get Free Report) last posted its 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 for 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%. The business's quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.67 earnings per share. As a group, analysts expect that AppLovin Corporation will post 6.87 EPS 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.

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