Y Intercept Hong Kong Ltd Raises Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Y Intercept Hong Kong Ltd raised its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 680.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,809 shares of the company's stock after buying an additional 8,552 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in AppLovin were worth $2,599,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC boosted its stake in shares of AppLovin by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after acquiring an additional 31 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares during the period. Forum Financial Management LP raised its holdings in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the period. Argentarii LLC raised its holdings in shares of AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after buying an additional 40 shares during the period. Finally, Versant Capital Management Inc raised its holdings in shares of AppLovin by 13.4% during the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after buying an additional 43 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on APP. Benchmark restated a "buy" rating and set a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. FBN Securities started coverage on AppLovin in a research note on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. The Goldman Sachs Group lifted their target price on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Loop Capital reiterated a "buy" rating and issued a $650.00 target price on shares of AppLovin in a research report on Friday, March 28th. Finally, Wedbush upgraded AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $438.43.

Insider Buying and Selling

In other news, CFO Matthew Stumpf sold 9,714 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the transaction, the chief financial officer owned 192,421 shares of the company's stock, valued at $81,394,083. This represents a 4.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. This trade represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 in the last quarter. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Performance

AppLovin stock opened at $350.00 on Wednesday. The stock has a 50-day simple moving average of $362.51 and a 200 day simple moving average of $335.12. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The stock has a market capitalization of $118.44 billion, a price-to-earnings ratio of 63.18, a P/E/G ratio of 2.17 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.67 EPS. On average, research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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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