Plato Investment Management Ltd Sells 1,631 Shares of AppLovin Corporation $APP

Plato Investment Management Ltd decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 17.8% during the 2nd quarter, Holdings Channel reports. The firm owned 7,532 shares of the company’s stock after selling 1,631 shares during the quarter. Plato Investment Management Ltd’s holdings in AppLovin were worth $2,627,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dynasty Wealth Management LLC boosted its holdings in AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock worth $716,133,000 after acquiring an additional 2,700,399 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company’s stock valued at $632,478,000 after acquiring an additional 1,107,104 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on APP shares. Morgan Stanley raised their target price on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. BTIG Research lifted their price objective on AppLovin from $664.00 to $693.00 and gave the company a “buy” rating in a research note on Friday. Wells Fargo & Company raised their price target on AppLovin from $491.00 to $633.00 and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Zacks Research downgraded AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Bank of America lifted their price objective on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.39.

AppLovin Stock Performance

APP stock opened at $637.33 on Friday. The stock has a market capitalization of $215.58 billion, a PE ratio of 90.53, a price-to-earnings-growth ratio of 3.46 and a beta of 2.53. AppLovin Corporation has a 12-month low of $158.33 and a 12-month high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock’s 50 day simple moving average is $589.79 and its 200 day simple moving average is $438.41.

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

Insider Activity

In other news, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares of the company’s stock, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. Insiders own 13.66% of the company’s stock.

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.