Westpac Banking Corp Acquires 12,330 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Westpac Banking Corp increased its stake in AppLovin Corporation by 488.9%, owning a total of 14,852 shares valued at approximately $3.93 million after purchasing an additional 12,330 shares in the first quarter.
• AppLovin's stock performance showed significant fluctuation, with a 52-week range between $74.12 and $525.15, and a current trading price of $465.58.
• Insiders, including Director Herald Y. Chen and CFO Matthew Stumpf, sold substantial portions of their shares, indicating insider selling activity, which totaled 800,398 shares worth over $301 million in the last quarter.

Westpac Banking Corp lifted its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 488.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,852 shares of the company's stock after purchasing an additional 12,330 shares during the quarter. Westpac Banking Corp's holdings in AppLovin were worth $3,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the fourth quarter worth about $294,000. Bank of Nova Scotia raised its holdings in shares of AppLovin by 14.5% in the fourth quarter. Bank of Nova Scotia now owns 4,470 shares of the company's stock worth $1,448,000 after buying an additional 565 shares during the period. Scotia Capital Inc. purchased a new stake in shares of AppLovin in the fourth quarter worth approximately $387,000. Rockefeller Capital Management L.P. purchased a new position in AppLovin during the 4th quarter worth $3,996,000. Finally, Townsquare Capital LLC increased its holdings in AppLovin by 133.8% during the 4th quarter. Townsquare Capital LLC now owns 18,572 shares of the company's stock worth $6,014,000 after purchasing an additional 10,630 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. BTIG Research increased their target price on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday. Morgan Stanley lifted their price objective on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. HSBC set a $436.00 price target on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Scotiabank lifted their price target on AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $472.33.

AppLovin Stock Performance

AppLovin stock traded down $20.60 during trading hours on Wednesday, hitting $446.40. The stock had a trading volume of 6,326,421 shares, compared to its average volume of 5,963,500. The company has a 50-day moving average of $370.02 and a two-hundred day moving average of $342.07. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a fifty-two week low of $80.14 and a fifty-two week high of $525.15. The company has a market cap of $151.06 billion, a PE ratio of 63.41, a price-to-earnings-growth ratio of 2.61 and a beta of 2.43.

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

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 6,599 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $369.35, for a total value of $2,437,340.65. Following the completion of the transaction, the insider owned 344,256 shares in the company, valued at $127,150,953.60. The trade was a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Herald Y. Chen sold 100,000 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $419.91, for a total value of $41,991,000.00. Following the transaction, the director owned 181,929 shares of the company's stock, valued at approximately $76,393,806.39. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 400,398 shares of company stock valued at $151,712,641 in the last ninety days. 13.66% of the stock is owned by corporate insiders.

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.