QVT Financial LP Purchases Shares of 2,889 AppLovin Corporation $APP

Key Points

• QVT Financial LP has purchased a new position in AppLovin Corporation, acquiring 2,889 shares valued at approximately $765,000 during the first quarter.
• Major investors such as Vanguard Group and Price T Rowe Associates have increased their holdings in AppLovin significantly, indicating strong institutional interest in the company.
• AppLovin’s stock has a current market capitalization of $161.88 billion, with a significant year-over-year revenue growth of 77.1%, reflecting a solid performance despite a mixed earnings report.

QVT Financial LP purchased a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,889 shares of the company's stock, valued at approximately $765,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD grew its position in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. grew its position in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Invesco Ltd. grew its position in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after acquiring an additional 992,316 shares in the last quarter. Finally, Dynasty Wealth Management LLC grew its position in AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after acquiring an additional 2,700,399 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total transaction of $92,938,000.00. Following the sale, the director owned 381,929 shares in the company, valued at $177,478,587.01. This represents a 34.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the sale, the chief executive officer owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,236,152 shares of company stock worth $545,240,378 over the last three months. Company insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $478.59 on Friday. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15. The company has a 50 day simple moving average of $387.40 and a two-hundred day simple moving average of $348.09. The company has a market capitalization of $161.88 billion, a price-to-earnings ratio of 67.98, a P/E/G ratio of 2.68 and a beta of 2.43. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Benchmark reiterated a "buy" rating and issued a $525.00 target price on shares of AppLovin in a research report on Thursday, May 8th. Piper Sandler upped their target price on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Morgan Stanley upped their target price on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Zacks Research upgraded shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Citigroup restated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $478.81.

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.

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