Fox Run Management L.L.C. Purchases Shares of 1,952 AppLovin Corporation $APP

Key Points

• Fox Run Management L.L.C. has acquired 1,952 shares of AppLovin Corporation, valued at approximately $517,000, in its recent SEC filing.
• Institutional investors, including Vanguard Group Inc. and Baillie Gifford & Co., have increased their stakes in AppLovin during the first quarter, with 41.85% of the stock now owned by such investors.
• AppLovin's stock has an average target price of $472.33 and a consensus rating of "Moderate Buy" following recent analyst evaluations, despite a mixed performance in earnings reports.

Fox Run Management L.L.C. purchased a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,952 shares of the company's stock, valued at approximately $517,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of 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 purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. increased its stake in shares of AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Dynasty Wealth Management LLC raised its stake in 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 acquiring an additional 2,700,399 shares during the period. Finally, Jennison Associates LLC lifted its holdings 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. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on APP. The Goldman Sachs Group increased their price objective on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. BTIG Research upped their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Piper Sandler upped their price target 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. Finally, Jefferies Financial Group upped their price target 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 research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $472.33.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $438.68 on Monday. The company's 50 day moving average price is $370.82 and its two-hundred day moving average price is $342.91. AppLovin Corporation has a 12-month low of $82.51 and a 12-month high of $525.15. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market cap of $148.38 billion, a PE ratio of 62.31, a PEG ratio of 2.45 and a beta of 2.43.

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

Insider Activity at AppLovin

In other news, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the completion of the sale, the director owned 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This represents a 13.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 32,991 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $457.93, for a total transaction of $15,107,568.63. Following the sale, the director directly owned 381,929 shares of the company's stock, valued at approximately $174,896,746.97. This trade represents a 7.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 918,813 shares of company stock worth $390,144,773 in the last 90 days. Corporate insiders own 13.66% of the company's stock.

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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