AppLovin Co. (NASDAQ:APP) Position Boosted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its holdings in shares of AppLovin Co. (NASDAQ:APP) by 23.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,389 shares of the company’s stock after purchasing an additional 9,508 shares during the period. The Manufacturers Life Insurance Company’s holdings in AppLovin were worth $4,110,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Quest Partners LLC bought a new position in AppLovin during the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of AppLovin in the second quarter valued at $37,000. Summit Securities Group LLC acquired a new position in AppLovin during the second quarter worth about $42,000. Covestor Ltd raised its position in AppLovin by 85.8% in the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares in the last quarter. Finally, Atlas Capital Advisors LLC acquired a new stake in AppLovin in the 1st quarter valued at about $38,000. Institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on APP. Bank of America lifted their price objective on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. BTIG Research upped their price target on AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $105.00 price objective (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Wedbush cut their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, Jefferies Financial Group increased their price target on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $106.44.

Insider Buying and Selling at AppLovin

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the sale, the insider now owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the completion of the sale, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 610,094 shares of company stock worth $51,022,478 over the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

NASDAQ APP opened at $139.95 on Tuesday. The company has a 50 day simple moving average of $97.77 and a 200-day simple moving average of $85.22. AppLovin Co. has a 52-week low of $34.45 and a 52-week high of $142.27. The firm has a market capitalization of $46.05 billion, a price-to-earnings ratio of 82.46, a price-to-earnings-growth ratio of 1.82 and a beta of 1.92. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the company posted $0.22 EPS. AppLovin’s revenue was up 44.0% on a year-over-year basis. Equities research analysts predict 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.