Invesco Ltd. Boosts Stock Holdings in AppLovin Corporation $APP

Key Points

• Invesco Ltd. increased its AppLovin stake by 12.3% in the fourth quarter, adding 528,294 shares and bringing its total to 4.82 million shares worth about $3.25 billion.
• AppLovin reported strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping forecasts; revenue also jumped 58.9% from a year earlier.
• Insiders have been selling shares, including CEO Arash Adam Foroughi and Director Maynard G. Webb, Jr., with total insider sales over the past 90 days valued at about $195.7 million.

Invesco Ltd. lifted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 12.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,821,046 shares of the company's stock after acquiring an additional 528,294 shares during the quarter. AppLovin makes up approximately 0.5% of Invesco Ltd.'s portfolio, making the stock its 20th largest position. Invesco Ltd. owned about 1.43% of AppLovin worth $3,248,517,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in AppLovin by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock worth $16,926,746,000 after purchasing an additional 166,117 shares during the last quarter. State Street Corp increased its stake in AppLovin by 0.4% in the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock valued at $8,021,721,000 after buying an additional 52,377 shares during the last quarter. Geode Capital Management LLC increased its stake in AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock valued at $4,817,269,000 after buying an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of AppLovin by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock worth $4,103,386,000 after buying an additional 212,349 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of AppLovin by 10.7% during the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock worth $3,747,551,000 after buying an additional 538,806 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 2.0%

AppLovin stock opened at $469.71 on Friday. The firm has a 50 day moving average price of $490.66 and a 200-day moving average price of $518.14. 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 Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company has a market capitalization of $157.79 billion, a P/E ratio of 40.35, a P/E/G ratio of 0.78 and a beta of 2.45.

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

Analyst Upgrades and Downgrades

APP has been the subject of several recent analyst reports. Oppenheimer reduced their target price on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. JPMorgan Chase & Co. lifted their price target on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Argus initiated coverage on AppLovin in a research report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. Finally, Wedbush reaffirmed an "outperform" rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $669.62.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 22,544 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares in the company, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $582.04, for a total value of $1,790,355.04. Following the transaction, the director directly owned 123,520 shares in the company, valued at $71,893,580.80. This represents a 2.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 389,924 shares of company stock valued at $195,693,875. Company insiders own 13.66% of the company's stock.

About AppLovin

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.

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