ProShare Advisors LLC Grows Holdings in AppLovin Corporation $APP

Key Points

• ProShare Advisors LLC increased its AppLovin stake by 38.6% in the fourth quarter, adding 150,748 shares and bringing its total holding to 541,628 shares worth about $365 million.
• AppLovin reported strong first-quarter results, posting EPS of $3.56 versus expectations of $3.44 and revenue of $1.84 billion, up 58.9% year over year.
• Wall Street remains largely bullish on the stock, with an average Moderate Buy rating and a consensus price target of $664.35, though some insiders have recently sold shares.

ProShare Advisors LLC grew its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 38.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 541,628 shares of the company's stock after buying an additional 150,748 shares during the period. AppLovin makes up about 0.6% of ProShare Advisors LLC's holdings, making the stock its 21st biggest holding. ProShare Advisors LLC owned 0.16% of AppLovin worth $364,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Board of the Pension Protection Fund purchased a new position in AppLovin in the 4th quarter worth approximately $27,000. Washington Trust Advisors Inc. grew its stake in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after buying an additional 24 shares in the last quarter. Chilton Capital Management LLC purchased a new position in AppLovin in the 3rd quarter worth approximately $29,000. Activest Wealth Management grew its stake in AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company's stock worth $31,000 after buying an additional 38 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in AppLovin in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Scotiabank boosted their price target on shares of AppLovin from $750.00 to $775.00 and gave the stock an "outperform" rating in a research note on Thursday, February 12th. BTIG Research reissued a "buy" rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Benchmark reissued a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of AppLovin from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $664.35.

AppLovin Price Performance

Shares of AppLovin stock opened at $492.38 on Tuesday. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61. The stock has a market capitalization of $165.41 billion, a price-to-earnings ratio of 42.30, a price-to-earnings-growth ratio of 0.81 and a beta of 2.37. The company has a fifty day moving average of $446.94 and a 200-day moving average of $527.38. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 EPS. The firm's revenue was up 58.9% on a year-over-year basis. Equities research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 5,231 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the completion of the sale, the chief technology officer owned 30,658 shares of the company's stock, valued at $14,638,275.26. This represents a 14.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 40,704 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the sale, the chief executive officer directly owned 2,430,414 shares of the company's stock, valued at $1,117,625,877.90. The trade was a 1.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 365,244 shares of company stock valued at $169,584,607 in the last quarter. Company insiders own 13.66% of the company's stock.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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