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Davis Selected Advisers Takes $43.19 Million Position in AppLovin Corporation (NASDAQ:APP)

AppLovin logo with Business Services background

Key Points

  • Davis Selected Advisers has taken a new position in AppLovin Corporation, acquiring 163,011 shares valued at approximately $43.19 million.
  • Analysts have generally positive outlooks for AppLovin, with a consensus rating of "Moderate Buy" and an average price target of $472.33.
  • Insider trading activity includes Director Herald Y. Chen selling 100,000 shares for about $41.99 million, reducing ownership significantly.
  • Need Better Tools to Track AppLovin? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Davis Selected Advisers bought a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 163,011 shares of the company's stock, valued at approximately $43,193,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of APP. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the 4th quarter worth about $25,000. Atala Financial Inc acquired a new stake in shares of AppLovin during the first quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new stake in shares of AppLovin during the first quarter valued at approximately $27,000. ORG Wealth Partners LLC purchased a new stake in shares of AppLovin in the 1st quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in AppLovin in the 1st quarter worth approximately $29,000. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wedbush reiterated an "outperform" rating and set a $620.00 price target on shares of AppLovin in a report on Thursday. Morgan Stanley lifted their target price on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday. Benchmark restated a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Finally, Jefferies Financial Group lifted their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $472.33.

Read Our Latest Research Report on AppLovin

AppLovin Price Performance

Shares of APP stock opened at $437.34 on Friday. The firm has a market cap of $147.99 billion, a price-to-earnings ratio of 62.12, a PEG ratio of 2.33 and a beta of 2.43. AppLovin Corporation has a 12 month low of $66.16 and a 12 month high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a 50-day moving average price of $365.28 and a 200 day moving average price of $339.24.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 274.45%. The business's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. Research analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 100,000 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the completion of the transaction, the director directly owned 181,929 shares of the company's stock, valued at $76,393,806.39. This represents a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the sale, the chief financial officer owned 192,421 shares in the company, valued at $81,394,083. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock valued at $455,062,980 over the last three months. Insiders own 13.66% of the company's stock.

AppLovin Company Profile

(Free Report)

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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Institutional Ownership by Quarter for AppLovin (NASDAQ:APP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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