Mackenzie Financial Corp increased its position in shares of AppLovin Co. (NASDAQ:APP – Free Report) by 235.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,499 shares of the company’s stock after acquiring an additional 21,419 shares during the period. Mackenzie Financial Corp’s holdings in AppLovin were worth $9,876,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of APP. GHP Investment Advisors Inc. acquired a new position in AppLovin during the fourth quarter worth about $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in AppLovin during the fourth quarter worth about $25,000. Riverview Trust Co grew its holdings in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after acquiring an additional 82 shares during the period. Tucker Asset Management LLC acquired a new position in AppLovin during the fourth quarter worth about $28,000. Finally, Hemington Wealth Management grew its holdings in AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after acquiring an additional 40 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms recently issued reports on APP. Morgan Stanley lifted their target price on AppLovin from $350.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Arete Research set a $200.00 price target on AppLovin in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted their price target on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Citigroup lifted their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Oppenheimer reissued an “outperform” rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $433.85.
AppLovin Trading Up 7.5%
NASDAQ:APP opened at $380.91 on Wednesday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The stock’s 50-day moving average is $295.26 and its two-hundred day moving average is $326.61. The stock has a market cap of $128.89 billion, a PE ratio of 83.90, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.
AppLovin (NASDAQ:APP – Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The firm’s revenue was up 40.3% on a year-over-year basis. As a group, equities research analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.
Insider Buying and Selling
In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now owns 221,209 shares of the company’s stock, valued at $82,867,103.49. This represents a 64.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 6,585 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $370.23, for a total value of $2,437,964.55. Following the sale, the insider now directly owns 357,903 shares of the company’s stock, valued at $132,506,427.69. The trade was a 1.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,233,254 shares of company stock worth $446,927,149. Insiders own 14.69% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than AppLovin
- Differences Between Momentum Investing and Long Term Investing
- 3 Beaten-Down Stocks Trading 50% Below Their 52-Week Highs
- What is the Shanghai Stock Exchange Composite Index?
- Tesla: Why Analysts Think It Could Jump Another 47%
- 3 Stocks to Consider Buying in October
- Microsoft’s Outlook Brightens as Analysts Boost Bullish Ratings
Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Co. (NASDAQ:APP – Free Report).
Receive News & Ratings for AppLovin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AppLovin and related companies with MarketBeat.com's FREE daily email newsletter.