Plato Investment Management Ltd Decreases Stock Position in AppLovin Corporation $APP

Key Points

• Plato Investment Management Ltd reduced its stake in AppLovin Corporation by 31.1%, now holding 9,163 shares valued at approximately $2.45 million.
• Recent analyst reports show a consensus rating of "Moderate Buy" for AppLovin, with an average target price of $482.86.
• AppLovin's stock price opened at $567.12, showing considerable growth with a 52-week high of $576.01 and a low of $87.12.

Plato Investment Management Ltd decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 31.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,163 shares of the company's stock after selling 4,127 shares during the period. Plato Investment Management Ltd's holdings in AppLovin were worth $2,454,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC boosted its position in shares of AppLovin by 5.1% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after acquiring an additional 66,453 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after acquiring an additional 119 shares in the last quarter. Peak Retirement Planning Inc. bought a new position in AppLovin in the fourth quarter worth approximately $969,000. Finally, Assenagon Asset Management S.A. boosted its holdings 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 in the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of APP traded up $10.69 on Friday, reaching $582.00. 6,725,840 shares of the company's stock traded hands, compared to its average volume of 5,778,341. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $196.86 billion, a PE ratio of 82.67, a PEG ratio of 3.19 and a beta of 2.44. The stock's 50 day simple moving average is $424.50 and its two-hundred day simple moving average is $353.48. AppLovin Corporation has a 52-week low of $105.94 and a 52-week high of $587.88.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.AppLovin's revenue was up 77.1% on a year-over-year basis. During the same period last year, the business posted $0.89 earnings per share. On average, analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Piper Sandler increased their price target on AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Zacks Research raised AppLovin to a "strong-buy" rating in a research note on Friday, August 8th. Jefferies Financial Group increased their price objective on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Finally, Wells Fargo & Company increased their price objective on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research note on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $487.86.

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.