Penserra Capital Management LLC Has $1.80 Million Position in AppLovin Corporation (NASDAQ:APP)

Penserra Capital Management LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 314.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,807 shares of the company's stock after purchasing an additional 5,165 shares during the quarter. Penserra Capital Management LLC's holdings in AppLovin were worth $1,803,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of APP. Kingswood Wealth Advisors LLC lifted its position in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after buying an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the period. Yousif Capital Management LLC boosted its position in AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares during the period. Peak Retirement Planning Inc. purchased a new stake in AppLovin during the 4th quarter worth about $969,000. Finally, Assenagon Asset Management S.A. lifted its stake in AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after acquiring an additional 121 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent analyst reports. Scotiabank raised shares of AppLovin to a "strong-buy" rating in a research report on Tuesday. The Goldman Sachs Group increased their target price on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. HSBC set a $436.00 target price on shares of AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. UBS Group raised their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Oppenheimer reiterated an "outperform" rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $438.43.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction 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 of the company's stock, valued at $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the sale, the chief executive officer directly owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company's stock.

AppLovin Stock Performance

Shares of APP traded down $11.22 during trading hours on Friday, reaching $335.10. 3,575,879 shares of the company traded hands, compared to its average volume of 6,254,586. The stock has a market cap of $113.39 billion, a P/E ratio of 60.49, a price-to-earnings-growth ratio of 2.00 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The stock's fifty day moving average is $358.23 and its 200 day moving average is $334.28. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business's revenue was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 earnings per share. Equities research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.