Lord Abbett & CO. LLC Lowers Stake in AppLovin Corporation (NASDAQ:APP)

Lord Abbett & CO. LLC decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 45.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 323,225 shares of the company's stock after selling 264,485 shares during the period. Lord Abbett & CO. LLC owned 0.10% of AppLovin worth $85,645,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Dynasty Wealth Management LLC lifted its holdings in shares of AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after acquiring an additional 2,700,399 shares during the period. Capital World Investors purchased a new stake in AppLovin in the fourth quarter valued at approximately $421,470,000. Vanguard Group Inc. increased its position in AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. raised its stake in AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after purchasing an additional 1,107,104 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 4.4%

APP opened at $446.40 on Thursday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The company has a market capitalization of $151.06 billion, a PE ratio of 63.41, a P/E/G ratio of 2.61 and a beta of 2.43. The stock's fifty day moving average is $370.02 and its 200-day moving average is $342.07. AppLovin Corporation has a one year low of $80.14 and a one year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business's revenue for the quarter was up 77.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 EPS. On average, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of research reports. Morgan Stanley raised 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. JPMorgan Chase & Co. increased their price target on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Wedbush reaffirmed an "outperform" rating and issued a $620.00 target price on shares of AppLovin in a research report on Thursday, August 7th. Finally, UBS Group raised their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $472.33.

Insiders Place Their Bets

In related news, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer directly owned 192,421 shares in the company, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 400,398 shares of company stock valued at $151,712,641 over the last 90 days. 13.66% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.