TimesSquare Capital Management LLC Increases Holdings in AppLovin Corporation (NASDAQ:APP)

TimesSquare Capital Management LLC boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 17.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 321,375 shares of the company's stock after purchasing an additional 48,099 shares during the quarter. AppLovin makes up 1.4% of TimesSquare Capital Management LLC's holdings, making the stock its 16th largest position. TimesSquare Capital Management LLC owned about 0.09% of AppLovin worth $85,155,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin in the 4th quarter valued at $25,000. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter worth approximately $28,000. Atala Financial Inc purchased a new position in AppLovin during the first quarter worth approximately $26,000. ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter worth approximately $29,000. Finally, Alpine Bank Wealth Management purchased a new position in AppLovin during the first quarter worth approximately $27,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. UBS Group lifted their price objective on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Loop Capital reiterated a "buy" rating and set a $650.00 price objective on shares of AppLovin in a research report on Friday, March 28th. Finally, JPMorgan Chase & Co. raised their target price on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus price target of $438.43.

AppLovin Trading Down 0.8%

Shares of NASDAQ APP traded down $2.94 during trading on Tuesday, reaching $352.96. The stock had a trading volume of 3,384,304 shares, compared to its average volume of 6,255,863. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. 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 business's 50-day moving average price is $360.28 and its 200-day moving average price is $334.47. The company has a market cap of $119.44 billion, a P/E ratio of 63.71, a PEG ratio of 2.12 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the firm posted $0.67 EPS. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Herald Y. Chen sold 171,420 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the sale, the director directly owned 221,209 shares of the company's stock, valued at $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Company insiders own 13.66% of the company's stock.

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.