GAMMA Investing LLC Acquires 490,232 Shares of AppLovin Co. (NASDAQ:APP)

GAMMA Investing LLC lifted its position in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 26,980.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 492,049 shares of the company's stock after buying an additional 490,232 shares during the period. GAMMA Investing LLC owned about 0.14% of AppLovin worth $1,303,780,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APP. FMR LLC grew its stake in 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 in the last quarter. SVB Wealth LLC acquired a new position in AppLovin during the fourth quarter worth $1,781,922,000. Baillie Gifford & Co. raised its position in AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares in the last quarter. Norges Bank acquired a new stake in AppLovin in the fourth quarter valued at $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of AppLovin by 457.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after acquiring an additional 2,373,885 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APP has been the topic of a number of research analyst reports. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday. UBS Group lifted their price objective on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Bank of America upped their price objective on shares of AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Benchmark reiterated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Finally, FBN Securities initiated coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $433.85.

AppLovin Stock Down 0.9%

NASDAQ:APP traded down $3.35 during trading hours on Friday, reaching $380.88. The company had a trading volume of 7,834,410 shares, compared to its average volume of 6,091,676. The business's 50-day simple moving average is $298.37 and its two-hundred day simple moving average is $328.36. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The firm has a market cap of $128.88 billion, a price-to-earnings ratio of 83.89, a P/E/G ratio of 3.02 and a beta of 2.39. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the company posted $0.67 EPS. The firm's revenue was up 40.3% compared to the same quarter last year. On average, equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 6,585 shares of AppLovin stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the transaction, the insider now owns 357,903 shares of the company's stock, valued at $132,506,427.69. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 value of $4,228,875.00. Following the completion of the sale, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at $21,359,201.85. The trade was a 16.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,115,754 shares of company stock worth $411,165,970 in the last ninety days. Corporate insiders own 14.69% 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.