The Manufacturers Life Insurance Company Cuts Position in AppLovin Co. (NASDAQ:APP)

The Manufacturers Life Insurance Company lessened its holdings in AppLovin Co. (NASDAQ:APP) by 62.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,359 shares of the company’s stock after selling 31,030 shares during the period. The Manufacturers Life Insurance Company’s holdings in AppLovin were worth $2,397,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in APP. Fred Alger Management LLC acquired a new position in shares of AppLovin during the second quarter worth about $290,655,000. 1832 Asset Management L.P. lifted its position in AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC boosted its holdings in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the period. Eagle Asset Management Inc. grew its position in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after acquiring an additional 500,407 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of AppLovin by 695.0% during the second quarter. Envestnet Asset Management Inc. now owns 549,453 shares of the company’s stock valued at $45,725,000 after purchasing an additional 480,336 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This represents a 12.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 772,820 shares of company stock valued at $246,337,463 over the last quarter. Corporate insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Piper Sandler began coverage on shares of AppLovin in a research note on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price target on the stock. Wedbush reaffirmed an “outperform” rating and set a $270.00 target price (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. BTIG Research increased their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Finally, Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and increased their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

AppLovin Trading Up 5.9 %

AppLovin stock opened at $401.50 on Monday. The firm has a 50-day moving average price of $226.30 and a two-hundred day moving average price of $136.09. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $417.64. The firm has a market capitalization of $134.74 billion, a price-to-earnings ratio of 121.67, a PEG ratio of 4.60 and a beta of 2.28. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 earnings per share. Sell-side analysts expect that AppLovin Co. will post 4.06 earnings per share for the current 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.