335,558 Shares in AppLovin Corporation $APP Purchased by Durable Capital Partners LP

Key Points

• Durable Capital Partners LP has made a significant new investment in AppLovin Corporation, acquiring 335,558 shares valued at approximately $88.9 million.
• AppLovin's Q2 earnings report showed an EPS of $2.26, exceeding expectations, although the revenue of $1.26 billion fell short of the forecast.
• Several analysts have issued positive ratings for AppLovin, with a consensus target price of $478.81, reflecting a strong market outlook despite some recent insider selling.

Durable Capital Partners LP acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 335,558 shares of the company's stock, valued at approximately $88,913,000. Durable Capital Partners LP owned approximately 0.10% of AppLovin at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Dynasty Wealth Management LLC increased its holdings in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after buying an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Baillie Gifford & Co. grew its holdings in shares of AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after buying an additional 1,107,104 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 15,000 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $450.00, for a total transaction of $6,750,000.00. Following the completion of the sale, the insider directly owned 304,955 shares of the company's stock, valued at approximately $137,229,750. This represents a 4.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 17,564 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.48, for a total value of $7,683,898.72. Following the sale, the chief technology officer owned 53,389 shares of the company's stock, valued at approximately $23,356,619.72. This trade represents a 24.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,236,152 shares of company stock valued at $545,240,378. Insiders own 13.66% of the company's stock.

AppLovin Stock Up 1.2%

Shares of AppLovin stock traded up $5.62 during trading on Wednesday, hitting $487.35. 5,049,446 shares of the stock were exchanged, compared to its average volume of 6,208,153. The stock has a market cap of $164.85 billion, a price-to-earnings ratio of 69.26, a price-to-earnings-growth ratio of 2.68 and a beta of 2.44. AppLovin Corporation has a 12-month low of $82.51 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The firm's 50-day moving average price is $392.91 and its 200 day moving average price is $347.94.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on APP. Benchmark reaffirmed a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. Morgan Stanley increased their price objective on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. UBS Group increased their price objective on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company raised their target price on AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research report on Thursday, August 21st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $478.81.

AppLovin 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.