AppLovin Corporation $APP is Deepwater Asset Management LLC’s 2nd Largest Position

Deepwater Asset Management LLC increased its holdings in AppLovin Corporation (NASDAQ:APP) by 27.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,707 shares of the company’s stock after acquiring an additional 5,337 shares during the quarter. AppLovin comprises approximately 4.8% of Deepwater Asset Management LLC’s portfolio, making the stock its 2nd biggest position. Deepwater Asset Management LLC’s holdings in AppLovin were worth $16,648,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC lifted its stake in AppLovin by 2.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 64,659 shares of the company’s stock worth $43,569,000 after acquiring an additional 1,322 shares during the period. Manchester Capital Management LLC lifted its stake in AppLovin by 54.8% in the fourth quarter. Manchester Capital Management LLC now owns 195 shares of the company’s stock worth $131,000 after acquiring an additional 69 shares during the period. IMA Advisory Services Inc. lifted its stake in AppLovin by 185.7% in the fourth quarter. IMA Advisory Services Inc. now owns 60 shares of the company’s stock worth $40,000 after acquiring an additional 39 shares during the period. Syon Capital LLC purchased a new stake in AppLovin in the fourth quarter worth $464,000. Finally, Capital World Investors lifted its stake in AppLovin by 5.4% in the fourth quarter. Capital World Investors now owns 2,778,549 shares of the company’s stock worth $1,872,242,000 after acquiring an additional 143,361 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 40,704 shares of AppLovin stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the completion of the sale, the director owned 123,520 shares of the company’s stock, valued at $71,893,580.80. The trade was a 2.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 467,092 shares of company stock worth $220,268,340 in the last three months. 13.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on APP. Argus assumed coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target for the company. Jefferies Financial Group lowered their price objective on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Oppenheimer lowered their price objective on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Finally, Arete Research set a $340.00 price objective on AppLovin and gave the company a “neutral” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $664.35.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $557.20 on Monday. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The business has a fifty day moving average price of $470.43 and a 200-day moving average price of $521.30. The company has a market capitalization of $187.19 billion, a PE ratio of 47.87, a PEG ratio of 0.91 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS 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 company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the company earned $1.67 EPS. AppLovin’s revenue for the quarter was up 58.9% on a year-over-year basis. As a group, equities analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

AppLovin Profile

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.