Massachusetts Financial Services Co. MA Grows Stock Position in AppLovin Corporation (NASDAQ:APP)

Massachusetts Financial Services Co. MA raised its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 965.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 804,254 shares of the company's stock after buying an additional 728,751 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.24% of AppLovin worth $213,103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin in the 4th quarter worth about $25,000. Tucker Asset Management LLC purchased a new position in shares of AppLovin in the 4th quarter worth about $28,000. Atala Financial Inc purchased a new position in shares of AppLovin in the 1st quarter worth about $26,000. ORG Wealth Partners LLC purchased a new position in shares of AppLovin in the 1st quarter worth about $29,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of AppLovin in the 1st quarter worth about $27,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

NASDAQ APP traded up $6.64 during trading hours on Thursday, reaching $362.14. The company's stock had a trading volume of 3,592,173 shares, compared to its average volume of 6,252,334. The firm's 50-day moving average price is $361.32 and its 200-day moving average price is $334.61. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The company has a market capitalization of $122.54 billion, a price-to-earnings ratio of 65.31, a PEG ratio of 2.10 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 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 company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the firm earned $0.67 EPS. The firm's revenue was up 40.3% compared to the same quarter last year. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction dated Friday, May 23rd. The shares were 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 owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 513 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the transaction, the director directly owned 3,451 shares of the company's stock, valued at approximately $1,450,455.30. The trade was a 12.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APP. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Scotiabank raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Jefferies Financial Group boosted their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, FBN Securities began coverage on AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus price target of $438.43.

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.