Intech Investment Management LLC Grows Holdings in AppLovin Corporation $APP

Key Points

• Intech Investment Management LLC increased its holdings in AppLovin Corporation by 24.2%, owning 84,364 shares valued at approximately $22.35 million after acquiring an additional 16,419 shares in the latest quarter.
• Shares of AppLovin opened at $558.17 and have shown significant price fluctuations, with a one-year low of $85.23 and a one-year high of $559.24.
• Institutional investors and hedge funds now hold 41.85% of AppLovin's stock, indicating strong interest from the investment community despite mixed quarterly earnings results.

Intech Investment Management LLC increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 24.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,364 shares of the company's stock after acquiring an additional 16,419 shares during the quarter. Intech Investment Management LLC's holdings in AppLovin were worth $22,354,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of 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 buying an additional 1,185,859 shares during the last quarter. Invesco Ltd. raised its stake in shares of AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after buying an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp raised its stake in shares of AppLovin by 12.9% during the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock worth $762,849,000 after buying an additional 328,000 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on APP. Piper Sandler lifted their price target on AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. BTIG Research boosted their target price on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Finally, Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research note on Friday, August 8th. Two 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 assigned a Sell rating to the stock. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and an average price target of $487.86.

AppLovin Trading Up 1.9%

Shares of NASDAQ APP traded up $10.69 on Friday, reaching $582.00. 6,725,840 shares of the company traded hands, compared to its average volume of 5,778,341. AppLovin Corporation has a fifty-two week low of $105.94 and a fifty-two week high of $587.88. The company has a 50 day moving average of $424.50 and a 200 day moving average of $353.48. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market capitalization of $196.86 billion, a PE ratio of 82.67, a P/E/G ratio of 3.19 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the company posted $0.89 EPS. The company's quarterly revenue was up 77.1% compared to the same quarter last year. On average, equities research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other news, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction dated 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 sale, the director owned 3,150 shares in the company, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company's stock, valued at $135,579,499.65. The trade was a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last 90 days. Company insiders own 13.66% of the company's stock.

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.