AppLovin Corporation $APP Stock Position Lowered by WCM Investment Management LLC

WCM Investment Management LLC reduced its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 8.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,859,423 shares of the company’s stock after selling 566,084 shares during the quarter. AppLovin comprises 4.5% of WCM Investment Management LLC’s investment portfolio, making the stock its 5th biggest position. WCM Investment Management LLC owned about 1.73% of AppLovin worth $1,955,758,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Mutual Advisors LLC purchased a new stake in shares of AppLovin during the 2nd quarter valued at approximately $422,000. Essex LLC purchased a new stake in AppLovin in the 2nd quarter worth approximately $224,000. Harbour Investments Inc. lifted its stake in AppLovin by 29.1% in the 2nd quarter. Harbour Investments Inc. now owns 182 shares of the company’s stock worth $64,000 after purchasing an additional 41 shares in the last quarter. J.Safra Asset Management Corp lifted its stake in AppLovin by 30.9% in the 2nd quarter. J.Safra Asset Management Corp now owns 2,126 shares of the company’s stock worth $710,000 after purchasing an additional 502 shares in the last quarter. Finally, Bayforest Capital Ltd lifted its stake in AppLovin by 2,351.5% in the 2nd quarter. Bayforest Capital Ltd now owns 809 shares of the company’s stock worth $283,000 after purchasing an additional 776 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

AppLovin stock opened at $602.30 on Thursday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a fifty-two week low of $139.40 and a fifty-two week high of $745.61. The firm’s fifty day moving average price is $550.02 and its 200-day moving average price is $406.92. The stock has a market cap of $203.73 billion, a P/E ratio of 85.55, a price-to-earnings-growth ratio of 3.20 and a beta of 2.53.

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

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director directly owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

APP has been the topic of several recent analyst reports. Citigroup increased their target price on shares of AppLovin from $600.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Wells Fargo & Company increased their target price on shares of AppLovin from $491.00 to $633.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of AppLovin in a research note on Wednesday, October 8th. Oppenheimer set a $740.00 target price on shares of AppLovin in a research note on Tuesday, October 7th. Finally, Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $600.59.

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.