Pacer Advisors Inc. Acquires 119,066 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Pacer Advisors Inc. has increased its holdings in AppLovin Corporation by 174.8%, acquiring an additional 119,066 shares in the first quarter, bringing their total to 187,199 shares valued at approximately $49.6 million.
• AppLovin reported strong financial performance, with $1.48 billion in revenue for the quarter and an earnings per share of $1.67, surpassing analyst expectations.
• Multiple analysts have given AppLovin buy ratings with price targets ranging from $447.57 to $650.00, reflecting a generally positive outlook on the stock's future performance.

Pacer Advisors Inc. boosted its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 174.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,199 shares of the company's stock after purchasing an additional 119,066 shares during the period. Pacer Advisors Inc. owned about 0.06% of AppLovin worth $49,602,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in APP. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin during the fourth quarter worth about $25,000. Tucker Asset Management LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $28,000. Atala Financial Inc bought a new position in AppLovin during the 1st quarter valued at approximately $26,000. ORG Wealth Partners LLC purchased a new stake in AppLovin during the 1st quarter valued at $29,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of AppLovin in the 1st quarter worth $27,000. 41.85% of the stock is currently owned by institutional investors.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 171,420 shares of AppLovin stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the transaction, the director owned 221,209 shares of the company's stock, valued at $82,681,287.93. The trade was a 43.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction 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. 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 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. Corporate insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Wall Street Zen raised AppLovin from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group upped their price target on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Piper Sandler reissued an "overweight" rating and issued a $470.00 target price (up from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Jefferies Financial Group increased their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $447.57.

AppLovin Stock Up 1.2%

NASDAQ APP traded up $4.20 during trading hours on Friday, reaching $364.14. 2,880,710 shares of the company traded hands, compared to its average volume of 4,896,801. The company has a 50 day moving average of $362.09 and a two-hundred day moving average of $335.83. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The stock has a market capitalization of $123.22 billion, a PE ratio of 65.73, a PEG ratio of 2.17 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm posted $0.67 EPS. The company's revenue for the quarter was up 40.3% on a year-over-year basis. As a group, equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.