Los Angeles Capital Management LLC Buys 11,122 Shares of AppLovin Corporation $APP

Key Points

• Los Angeles Capital Management increased its AppLovin stake by 7.8% in the fourth quarter, adding 11,122 shares and bringing its total holding to 153,800 shares worth about $95.5 million.
• AppLovin reported strong quarterly results, with EPS of $3.56 and revenue of $1.84 billion, both above analyst estimates. Revenue jumped 58.9% year over year.
• Institutional interest remains heavy and analysts are still mostly bullish, with AppLovin receiving a Moderate Buy consensus and an average price target of $664.35.

Los Angeles Capital Management LLC grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 153,800 shares of the company's stock after acquiring an additional 11,122 shares during the period. Los Angeles Capital Management LLC's holdings in AppLovin were worth $95,451,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of APP. Vanguard Group Inc. raised its stake in shares of AppLovin by 39.4% during the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock valued at $17,930,776,000 after acquiring an additional 7,051,663 shares in the last quarter. State Street Corp raised its stake in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares in the last quarter. Norges Bank bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $2,040,321,000. Capital Research Global Investors bought a new stake in shares of AppLovin during the third quarter valued at approximately $743,899,000. Finally, Northern Trust Corp raised its stake in shares of AppLovin by 46.8% during the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after acquiring an additional 756,660 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of APP stock opened at $557.20 on Friday. The firm has a market cap of $187.19 billion, a price-to-earnings ratio of 47.87, a PEG ratio of 0.91 and a beta of 2.45. The company's 50 day moving average is $470.43 and its 200 day moving average is $521.43. 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 52-week low of $320.00 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin's revenue was up 58.9% compared to the same quarter last year. During the same period last year, the company posted $1.67 earnings per share. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer directly owned 2,480,414 shares of the company's stock, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 467,092 shares of company stock valued at $220,268,340. 13.66% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on APP. Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Wedbush reissued an "outperform" rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Finally, Arete Research set a $340.00 price objective on shares of AppLovin and gave the company a "neutral" rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $664.35.

AppLovin Profile

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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