Capital Research Global Investors Boosts Position in AppLovin Corporation $APP

Capital Research Global Investors grew its stake in AppLovin Corporation (NASDAQ:APP) by 16.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,209,631 shares of the company’s stock after buying an additional 174,338 shares during the period. Capital Research Global Investors’ holdings in AppLovin were worth $815,105,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Allworth Financial LP boosted its stake in AppLovin by 131.7% during the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after buying an additional 3,438 shares during the last quarter. APG Asset Management N.V. bought a new position in AppLovin during the third quarter valued at approximately $4,958,000. Metis Global Partners LLC boosted its stake in AppLovin by 138.3% during the third quarter. Metis Global Partners LLC now owns 10,094 shares of the company’s stock valued at $7,253,000 after buying an additional 5,859 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in AppLovin by 35.4% during the third quarter. Stratos Wealth Partners LTD. now owns 27,831 shares of the company’s stock valued at $19,998,000 after buying an additional 7,271 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in AppLovin by 24.9% during the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock valued at $1,754,996,000 after buying an additional 487,492 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total value of $30,549,749.72. Following the completion of the transaction, the chief technology officer directly owned 3,255,273 shares of the company’s stock, valued at approximately $1,583,462,445.39. The trade was a 1.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 467,092 shares of company stock valued at $220,268,340. 13.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on APP. Piper Sandler increased their price target on AppLovin from $650.00 to $665.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wedbush reaffirmed an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. The Goldman Sachs Group lowered their price objective on AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Price Performance

Shares of APP stock opened at $557.20 on Monday. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The company has a market capitalization of $187.19 billion, a P/E ratio of 47.87, a P/E/G ratio of 0.91 and a beta of 2.45. The company’s 50-day simple moving average is $470.43 and its two-hundred day simple moving average is $521.30. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the business earned $1.67 EPS. The business’s revenue for the quarter was up 58.9% compared to the same quarter last year. As a group, equities analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.