Geode Capital Management LLC Has $4.82 Billion Stake in AppLovin Corporation $APP

Key Points

• Geode Capital Management boosted its AppLovin stake by 6.7% in the fourth quarter, ending with 7.17 million shares worth about $4.82 billion, or 2.12% of the company.
• AppLovin reported strong first-quarter results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping forecasts; revenue rose 58.9% year over year.
• Analyst sentiment remains broadly positive, with firms including Morgan Stanley and Deutsche Bank maintaining bullish views, and the stock recently trading up sharply amid optimism around mobile ad market share and momentum.

Geode Capital Management LLC raised its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 6.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,167,003 shares of the company's stock after purchasing an additional 448,005 shares during the quarter. Geode Capital Management LLC owned 2.12% of AppLovin worth $4,817,269,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of APP. Mediolanum International Funds Ltd increased its position in shares of AppLovin by 73.5% in the third quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company's stock valued at $54,664,000 after acquiring an additional 32,510 shares during the last quarter. Allworth Financial LP increased its position in shares of AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company's stock valued at $4,347,000 after acquiring an additional 3,438 shares during the last quarter. APG Asset Management N.V. acquired a new stake in shares of AppLovin in the third quarter valued at about $4,958,000. Principal Financial Group Inc. increased its position in shares of AppLovin by 946.5% in the third quarter. Principal Financial Group Inc. now owns 326,999 shares of the company's stock valued at $234,962,000 after acquiring an additional 295,753 shares during the last quarter. Finally, Metis Global Partners LLC increased its position in shares of AppLovin by 138.3% in the third quarter. Metis Global Partners LLC now owns 10,094 shares of the company's stock valued at $7,253,000 after acquiring an additional 5,859 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Morgan Stanley reiterated an Overweight rating and a $720 price target on AppLovin, helping push the stock sharply higher as investors reacted to the upgraded bullish tone. AppLovin Stock Is Having a Bad Year. Why It’s Today’s Top Performer in the S&P 500.
• Positive Sentiment: Reports also said Meta Platforms is not expected to bid on certain mobile ad traffic, which could leave more market share and pricing opportunity for AppLovin in mobile advertising. AppLovin (APP) Stock Trades Up, Here Is Why
• Neutral Sentiment: Additional market chatter highlighted AppLovin as one of the stocks making big moves and one of the day’s top performers, reinforcing the momentum behind the shares. Stocks making big moves yesterday: Allient, AutoZone, Redwire, Marvell Technology, and AppLovin
• Negative Sentiment: AppLovin CTO Vasily Shikin disclosed multiple stock sales totaling tens of thousands of shares at prices around the mid-$480s, trimming his holdings by a meaningful amount; insider selling can sometimes weigh on sentiment. Vasily Shikin insider transaction filings

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. The Goldman Sachs Group lowered their target price on AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a research report on Thursday, February 12th. Citigroup lowered their target price on AppLovin from $820.00 to $710.00 and set a "buy" rating on the stock in a research report on Thursday, February 12th. Benchmark reissued a "buy" rating on shares of AppLovin in a research report on Friday, March 6th. Finally, Argus assumed coverage on AppLovin in a research report on Tuesday, April 14th. They set a "buy" rating and a $520.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $664.35.

AppLovin Trading Up 10.4%

Shares of NASDAQ:APP opened at $567.83 on Thursday. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61. The stock has a market cap of $190.76 billion, a PE ratio of 48.78, a P/E/G ratio of 0.84 and a beta of 2.37. The business has a 50 day moving average of $450.35 and a 200-day moving average of $521.20. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the previous year, the company posted $1.67 earnings per share. The business's revenue was up 58.9% on a year-over-year basis. As a group, equities research analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 40,704 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the completion of the transaction, the chief executive officer directly owned 2,430,414 shares in the company, valued at $1,117,625,877.90. The trade was a 1.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 454,964 shares of company stock worth $213,046,785. Company insiders own 13.66% of the company's stock.

AppLovin Company Profile

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

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.