1832 Asset Management L.P. Boosts Stake in AppLovin Co. (NASDAQ:APP)

1832 Asset Management L.P. lifted its stake in shares of AppLovin Co. (NASDAQ:APP) by 977.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,496,300 shares of the company’s stock after purchasing an additional 1,357,400 shares during the period. 1832 Asset Management L.P. owned 0.45% of AppLovin worth $124,522,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Quest Partners LLC purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $37,000. Summit Securities Group LLC bought a new position in AppLovin in the 2nd quarter worth approximately $42,000. Covestor Ltd boosted its holdings in AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after buying an additional 236 shares during the period. Finally, Atlas Capital Advisors LLC bought a new position in AppLovin in the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the transaction, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the transaction, the chief marketing officer now owns 1,164,396 shares in the company, valued at $88,121,489.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eduardo Vivas sold 118,839 shares of the business’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 completion of the transaction, the director now owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The disclosure for this sale can be found here. Insiders have sold a total of 775,934 shares of company stock worth $65,805,022 in the last 90 days. 14.69% of the stock is owned by company insiders.

Analyst Ratings Changes

APP has been the subject of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $105.00 price objective (up from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Citigroup raised their price objective on shares of AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday. BTIG Research raised their price objective on shares of AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Jefferies Financial Group raised their price objective on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Wedbush cut their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.09.

AppLovin Stock Performance

AppLovin stock opened at $126.09 on Friday. The firm’s fifty day moving average price is $87.92 and its 200-day moving average price is $80.27. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a market cap of $41.49 billion, a P/E ratio of 75.05, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $128.19.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business’s quarterly revenue was up 44.0% on a year-over-year basis. During the same quarter last year, the company posted $0.22 EPS. On average, equities research analysts expect that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

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.