First Hawaiian Bank purchased a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,837 shares of the company's stock, valued at approximately $1,017,000.
Other hedge funds have also recently modified their holdings of the company. FMR LLC increased its holdings in shares of AppLovin by 75.5% in the fourth 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. SVB Wealth LLC acquired a new stake in shares of AppLovin during the 4th quarter worth approximately $1,781,922,000. Geode Capital Management LLC increased its holdings in shares of AppLovin by 14.5% during the 4th 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 during the last quarter. Baillie Gifford & Co. increased its holdings in shares of AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after buying an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of AppLovin by 68.0% during the 4th 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 during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.
Analyst Upgrades and Downgrades
APP has been the subject of several recent analyst reports. FBN Securities initiated coverage on AppLovin in a research note on Friday, March 28th. They set an "outperform" rating and a $385.00 target price for the company. Benchmark reissued a "buy" rating and set a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. Jefferies Financial Group raised their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus target price of $433.85.
Check Out Our Latest Report on APP
Insider Activity at AppLovin
In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction that occurred 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 now directly owns 221,209 shares in the company, valued at $82,867,103.49. This represents a 64.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,115,754 shares of company stock valued at $411,165,970 over the last quarter. 14.69% of the stock is owned by insiders.
AppLovin Stock Down 0.9%
Shares of AppLovin stock traded down $3.35 on Friday, reaching $380.88. 7,834,410 shares of the company were exchanged, compared to its average volume of 6,089,088. The stock's 50 day moving average price is $298.37 and its 200-day moving average price is $328.36. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a market cap of $128.88 billion, a P/E ratio of 83.89, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.
AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the firm earned $0.67 earnings per share. The business's quarterly revenue was up 40.3% compared to the same quarter last year. As a group, equities analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.
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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