Gotham Asset Management LLC Has $21.41 Million Stock Position in AppLovin Corporation $APP

Key Points

• Gotham Asset Management LLC increased its stake in AppLovin Corporation by 3.5%, owning 80,803 shares valued at approximately $21.4 million as of the latest reporting period.
• Other institutional investors, including Vanguard Group and Price T Rowe Associates, have also significantly raised their stakes in AppLovin, reflecting increased institutional interest in the stock.
• Despite recent insider selling by key executives, analysts maintain a generally positive outlook on AppLovin, with the current consensus rating being a "Moderate Buy" and a target price averaging around $478.81.

Gotham Asset Management LLC grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 3.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,803 shares of the company's stock after acquiring an additional 2,758 shares during the quarter. Gotham Asset Management LLC's holdings in AppLovin were worth $21,410,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in APP. Atala Financial Inc purchased a new stake in AppLovin during the first quarter worth $26,000. ORG Wealth Partners LLC purchased a new position in AppLovin in the 1st quarter valued at about $29,000. Alpine Bank Wealth Management purchased a new position in AppLovin in the 1st quarter worth approximately $27,000. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of AppLovin during the 1st quarter valued at approximately $29,000. Finally, SouthState Corp purchased a new stake in shares of AppLovin during the first quarter worth $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of NASDAQ:APP traded up $56.80 during trading on Monday, hitting $547.04. The stock had a trading volume of 16,469,639 shares, compared to its average volume of 7,058,876. The stock has a 50-day simple moving average of $402.06 and a two-hundred day simple moving average of $347.07. 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 stock has a market capitalization of $185.04 billion, a price-to-earnings ratio of 77.70, a price-to-earnings-growth ratio of 2.74 and a beta of 2.44. AppLovin Corporation has a 12-month low of $84.73 and a 12-month high of $555.50.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 earnings per share. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 350 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the transaction, the director directly owned 3,150 shares of the company's stock, valued at approximately $1,537,105.50. This represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,158,288 shares of company stock worth $515,437,023 in the last three months. Company insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Piper Sandler increased their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Citigroup restated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Wells Fargo & Company boosted their price objective on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research report on Thursday, August 21st. Finally, Morgan Stanley upped their target price on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average target price of $482.86.

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.