Victory Capital Management Inc. Buys 80,016 Shares of AppLovin Corporation (NASDAQ:APP)

Victory Capital Management Inc. lifted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 23.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 420,725 shares of the company's stock after purchasing an additional 80,016 shares during the quarter. Victory Capital Management Inc. owned about 0.12% of AppLovin worth $111,480,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin in the 4th quarter valued at about $25,000. Tucker Asset Management LLC bought a new position in AppLovin in the 4th quarter valued at about $28,000. Atala Financial Inc bought a new position in AppLovin in the 1st quarter valued at about $26,000. ORG Wealth Partners LLC bought a new position in AppLovin in the 1st quarter valued at about $29,000. Finally, Alpine Bank Wealth Management bought a new position in AppLovin in the 1st quarter valued at about $27,000. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. The Goldman Sachs Group increased their price objective on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley increased their price objective on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Benchmark reiterated a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. Finally, HSBC set a $436.00 price objective on shares of AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $438.43.

AppLovin Stock Performance

AppLovin stock traded up $0.68 during mid-day trading on Friday, reaching $364.46. The company's stock had a trading volume of 4,818,310 shares, compared to its average volume of 6,256,970. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a market capitalization of $123.33 billion, a P/E ratio of 65.79, a PEG ratio of 2.12 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 firm's fifty day moving average price is $361.80 and its two-hundred day moving average price is $334.81.

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

Insider Activity

In other news, CTO Vasily Shikin sold 34,766 shares of the business's 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 completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 100,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at $1,014,461,006.13. This trade represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock valued at $455,062,980 over the last 90 days. Company insiders own 13.66% of the company's stock.

AppLovin 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.