Harvest Fund Management Co. Ltd Raises Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Harvest Fund Management Co. Ltd has increased its stake in AppLovin by 6.5%, owning 36,659 shares valued at approximately $9.7 million as of the last reporting period.
• Institutional investors hold 41.85% of AppLovin's stock, with recent acquisitions including a new position by Revolve Wealth Partners worth $294,000.
• AppLovin reported earnings of $1.67 per share, exceeding estimates, with revenue of $1.48 billion for the quarter, up 40.3% year-over-year.

Harvest Fund Management Co. Ltd grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,659 shares of the company's stock after purchasing an additional 2,247 shares during the period. Harvest Fund Management Co. Ltd's holdings in AppLovin were worth $9,703,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. FMR LLC increased its stake in shares of AppLovin by 75.5% in the 4th 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 during the last quarter. Baillie Gifford & Co. grew its position in 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 acquiring an additional 1,185,859 shares during the last quarter. Geode Capital Management LLC grew its position in AppLovin by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after acquiring an additional 573,310 shares during the last quarter. Invesco Ltd. grew its position in AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after acquiring an additional 1,222,074 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in AppLovin by 193.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after acquiring an additional 1,797,027 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the transaction, the director directly owned 221,209 shares of the company's stock, valued at approximately $82,867,103.49. This represents a 64.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the transaction, the chief executive officer directly owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last 90 days. Corporate insiders own 13.66% of the company's stock.

AppLovin Trading Down 3.0%

Shares of NASDAQ:APP traded down $11.53 during midday trading on Friday, reaching $379.17. The company's stock had a trading volume of 6,249,166 shares, compared to its average volume of 7,100,750. The firm has a market capitalization of $128.31 billion, a price-to-earnings ratio of 68.44, a PEG ratio of 2.16 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The firm has a 50 day moving average price of $362.95 and a two-hundred day moving average price of $337.13. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the business earned $0.67 EPS. The firm's revenue was up 40.3% compared to the same quarter last year. As a group, analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Scotiabank upgraded AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Jefferies Financial Group boosted their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Piper Sandler restated an "overweight" rating and set a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Finally, Wells Fargo & Company lifted their target price on AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $447.57.

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.