Central Pacific Bank Trust Division Takes $487,000 Position in AppLovin Co. (NASDAQ:APP)

Central Pacific Bank Trust Division bought a new stake in shares of AppLovin Co. (NASDAQ:APPFree Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 7,050 shares of the company’s stock, valued at approximately $487,000.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in AppLovin by 8.5% during the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after purchasing an additional 1,411,453 shares during the last quarter. WCM Investment Management LLC purchased a new position in shares of AppLovin during the first quarter worth approximately $497,488,000. Sapient Capital LLC purchased a new position in shares of AppLovin during the fourth quarter worth approximately $165,057,000. First Trust Advisors LP raised its stake in shares of AppLovin by 42.6% during the fourth quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock worth $91,605,000 after acquiring an additional 686,258 shares in the last quarter. Finally, Raymond James & Associates raised its stake in shares of AppLovin by 48.4% during the first quarter. Raymond James & Associates now owns 1,545,837 shares of the company’s stock worth $107,003,000 after acquiring an additional 503,998 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Down 1.7 %

Shares of APP stock traded down $1.45 during mid-day trading on Wednesday, reaching $83.26. 252,442 shares of the company’s stock traded hands, compared to its average volume of 4,248,779. AppLovin Co. has a 12 month low of $26.92 and a 12 month high of $91.91. The company has a market cap of $27.39 billion, a P/E ratio of 50.60, a P/E/G ratio of 1.44 and a beta of 1.86. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. The company’s 50-day moving average price is $81.22 and its 200-day moving average price is $65.45.

AppLovin (NASDAQ:APPGet Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The company’s quarterly revenue was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) EPS. On average, equities analysts expect that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

APP has been the topic of several analyst reports. Wedbush lifted their target price on shares of AppLovin from $87.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. Stifel Nicolaus lifted their target price on shares of AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Jefferies Financial Group lifted their target price on shares of AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Daiwa Capital Markets initiated coverage on shares of AppLovin in a research note on Monday, April 15th. They issued a “neutral” rating and a $80.00 target price on the stock. Finally, Morgan Stanley lifted their target price on shares of AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.72.

Read Our Latest Stock Analysis on APP

Insider Buying and Selling

In related news, CMO Katie Kihorany Jansen sold 147,984 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $82.29, for a total value of $12,177,603.36. Following the transaction, the chief marketing officer now owns 1,264,284 shares in the company, valued at approximately $104,037,930.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other AppLovin news, Director Eduardo Vivas sold 118,839 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the transaction, the director now owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 147,984 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $82.29, for a total transaction of $12,177,603.36. Following the transaction, the chief marketing officer now owns 1,264,284 shares in the company, valued at approximately $104,037,930.36. The disclosure for this sale can be found here. Insiders have sold a total of 17,857,726 shares of company stock worth $1,489,251,374 in the last quarter. Corporate insiders own 14.69% of the company’s stock.

AppLovin Profile

(Free Report)

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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Institutional Ownership by Quarter for AppLovin (NASDAQ:APP)

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