Maxi Investments CY Ltd Acquires Shares of 35,805 AppLovin Corporation (NASDAQ:APP)

Key Points

• Maxi Investments CY Ltd has acquired a new stake in AppLovin Corporation, purchasing 35,805 shares valued at approximately $9.5 million, making it the 14th largest holding in their portfolio.
• AppLovin's stock reported a 40.3% year-over-year increase in revenue for the quarter, with earnings per share surpassing estimates at $1.67.
• Several analysts have recently upgraded their price targets for AppLovin, with a consensus price target of $447.57, reflecting a moderate buy rating.

Maxi Investments CY Ltd purchased a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 35,805 shares of the company's stock, valued at approximately $9,487,000. AppLovin accounts for 1.9% of Maxi Investments CY Ltd's investment portfolio, making the stock its 14th largest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Invesco Ltd. lifted its position in shares of AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after acquiring an additional 1,222,074 shares during the period. Dynasty Wealth Management LLC increased its position in shares of AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after buying an additional 2,700,399 shares in the last quarter. Jennison Associates LLC grew its stake in AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after acquiring an additional 1,107,104 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of AppLovin by 3.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,777,946 shares of the company's stock worth $575,941,000 after purchasing an additional 61,222 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of AppLovin stock traded up $12.64 during trading on Wednesday, hitting $390.57. 12,551,335 shares of the stock were exchanged, compared to its average volume of 4,442,797. AppLovin Corporation has a 1-year low of $66.16 and a 1-year high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a market capitalization of $132.16 billion, a price-to-earnings ratio of 70.50, a price-to-earnings-growth ratio of 2.25 and a beta of 2.43. The company has a fifty day moving average price of $364.21 and a 200-day moving average price of $338.23.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share 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 business had revenue of $1.48 billion for the quarter, compared to analyst estimates 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. As a group, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on APP shares. Wedbush upgraded AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Wells Fargo & Company upped their price objective on AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Piper Sandler reiterated an "overweight" rating and issued a $470.00 target price (up from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, BTIG Research boosted their price target on AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $447.57.

Insider Activity at AppLovin

In other news, CFO Matthew Stumpf sold 9,714 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the transaction, the chief financial officer owned 192,421 shares of the company's stock, valued at approximately $81,394,083. This represents a 4.81% 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 this link. Also, Director Herald Y. Chen sold 100,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the completion of the transaction, the director directly owned 181,929 shares in the company, valued at approximately $76,393,806.39. This represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last quarter. 13.66% of the stock is owned by corporate insiders.

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.