Generate Investment Management Ltd bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 14,025 shares of the company's stock, valued at approximately $7,226,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock worth $16,926,746,000 after purchasing an additional 166,117 shares during the period. State Street Corp lifted its position in AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock valued at $8,021,721,000 after purchasing an additional 52,377 shares during the period. Geode Capital Management LLC lifted its position in AppLovin by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock valued at $4,817,269,000 after purchasing an additional 448,005 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock valued at $4,103,386,000 after purchasing an additional 212,349 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of AppLovin by 10.7% during the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock worth $3,747,551,000 after buying an additional 538,806 shares during the period. Institutional investors own 41.85% of the company's stock.
Analysts Set New Price Targets
Several brokerages have commented on APP. Piper Sandler cut shares of AppLovin from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $665.00 to $385.00 in a research report on Thursday, August 6th. Citigroup reduced their price target on AppLovin from $710.00 to $650.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Weiss Ratings raised AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Benchmark dropped their price objective on AppLovin from $775.00 to $500.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Finally, Raymond James Financial assumed coverage on AppLovin in a research note on Monday, June 29th. They issued a "strong-buy" rating and a $640.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $565.91.
Check Out Our Latest Report on APP
AppLovin News Roundup
Here are the key news stories impacting AppLovin this week:
- Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
- Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
- Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
- Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
- Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings
AppLovin Price Performance
Shares of APP opened at $315.44 on Friday. The stock has a 50 day simple moving average of $447.84 and a 200 day simple moving average of $456.06. AppLovin Corporation has a 52-week low of $303.17 and a 52-week high of $745.61. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. The firm has a market capitalization of $105.56 billion, a PE ratio of 24.25, a P/E/G ratio of 0.63 and a beta of 2.54.
AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the business posted $2.39 EPS. The company's revenue for the quarter was up 52.8% on a year-over-year basis. Sell-side analysts predict that AppLovin Corporation will post 15.57 EPS for the current fiscal year.
Insider Buying and Selling at AppLovin
In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the sale, the director owned 120,444 shares in the company, valued at $62,786,252.76. This represents a 2.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 393,000 shares of company stock valued at $197,297,363 in the last ninety days. Insiders own 12.81% of the company's stock.
AppLovin Profile
(
Free Report)
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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