IFM Investors Pty Ltd Raises Holdings in AppLovin Corporation (NASDAQ:APP)

IFM Investors Pty Ltd lifted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,439 shares of the company's stock after buying an additional 1,317 shares during the period. IFM Investors Pty Ltd's holdings in AppLovin were worth $10,715,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Kingswood Wealth Advisors LLC boosted its position in shares of AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the last quarter. Yousif Capital Management LLC boosted its position in AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares during the last quarter. Peak Retirement Planning Inc. purchased a new position in AppLovin in the fourth quarter worth $969,000. Finally, Assenagon Asset Management S.A. boosted its position in AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after purchasing an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on APP shares. 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. Morgan Stanley boosted their price objective on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Loop Capital restated a "buy" rating and issued a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. Finally, The Goldman Sachs Group boosted their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $438.85.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last quarter. 13.66% of the stock is owned by company insiders.

AppLovin Price Performance

NASDAQ APP traded up $4.24 during trading on Friday, reaching $340.24. The company's stock had a trading volume of 3,525,836 shares, compared to its average volume of 6,222,403. The stock has a market capitalization of $115.13 billion, a PE ratio of 61.42, a P/E/G ratio of 2.04 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a fifty day moving average of $352.35 and a 200 day moving average of $334.14. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the business earned $0.67 EPS. The company's revenue for the quarter was up 40.3% compared to the same quarter last year. Analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Company Profile

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.