E Fund Management Co. Ltd. Acquires 7,610 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• E Fund Management Co. Ltd. increased its stake in AppLovin Corporation by 204% during the first quarter, acquiring an additional 7,610 shares, bringing its total to 11,340 shares worth approximately $3 million.
• AppLovin reported $2.26 earnings per share for the last quarter, exceeding expectations, but its revenue of $1.26 billion fell short of analyst predictions.
• Institutional investors own approximately 41.85% of AppLovin's stock, and various other large investors have also increased their holdings during the first quarter.

E Fund Management Co. Ltd. raised its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 204.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,340 shares of the company's stock after buying an additional 7,610 shares during the quarter. E Fund Management Co. Ltd.'s holdings in AppLovin were worth $3,005,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of APP. Dynasty Wealth Management LLC boosted its stake 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 valued at $716,133,000 after purchasing an additional 2,700,399 shares in the last quarter. Capital World Investors acquired a new stake in AppLovin during the 4th quarter worth approximately $421,470,000. Vanguard Group Inc. boosted its position in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after buying an additional 1,213,536 shares during the period. Baillie Gifford & Co. boosted its position in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the period. Finally, Jennison Associates LLC boosted its position in AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after buying an additional 1,107,104 shares during the period. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

Shares of APP traded down $2.71 during trading hours on Thursday, hitting $443.69. The company's stock had a trading volume of 1,013,297 shares, compared to its average volume of 7,157,607. The company has a market cap of $150.14 billion, a price-to-earnings ratio of 63.07, a PEG ratio of 2.61 and a beta of 2.43. 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 business has a 50 day simple moving average of $370.02 and a two-hundred day simple moving average of $342.07. AppLovin Corporation has a 52-week low of $82.51 and a 52-week high of $525.15.

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

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 6,599 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $369.35, for a total value of $2,437,340.65. Following the completion of the transaction, the insider directly owned 344,256 shares in the company, valued at approximately $127,150,953.60. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the firm'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 transaction of $4,109,022.00. Following the completion of the transaction, the chief financial officer owned 192,421 shares of the company's stock, valued at $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 400,398 shares of company stock valued at $151,712,641. 13.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on APP shares. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Piper Sandler lifted their price objective on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Oppenheimer reiterated an "outperform" rating and issued a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Finally, Benchmark reiterated a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $472.33.

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.