First Trust Advisors LP Raises Stake in AppLovin Corporation $APP

by · The Markets Daily

First Trust Advisors LP raised its holdings in shares of AppLovin Corporation (NASDAQ:APP – Free Report) by 0.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 546,146 shares of the company’s stock after acquiring an additional 1,456 shares during the period. First Trust Advisors LP owned about 0.16% of AppLovin worth $217,366,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC grew its holdings in shares of AppLovin by 3,118.6% during the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after purchasing an additional 4,063,763 shares during the last quarter. Norges Bank bought a new position in shares of AppLovin during the 4th quarter valued at $2,040,321,000. Northern Trust Corp raised its position in AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after purchasing an additional 756,660 shares during the period. Finally, Amundi raised its position in AppLovin by 81.3% in the 4th quarter. Amundi now owns 1,426,896 shares of the company’s stock worth $961,471,000 after purchasing an additional 639,836 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Down 3.8%

NASDAQ:APP opened at $412.48 on Thursday. The company has a fifty day moving average of $502.88 and a 200 day moving average of $482.25. AppLovin Corporation has a 52 week low of $349.21 and a 52 week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $138.57 billion, a P/E ratio of 35.44, a P/E/G ratio of 0.70 and a beta of 2.49.

AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm earned $1.67 EPS. The company’s revenue was up 58.9% on a year-over-year basis. On average, research analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Activity at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the sale, the chief financial officer directly owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 in the last quarter. 12.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Wells Fargo & Company lifted their price objective on AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a research note on Tuesday, July 7th. Finally, Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $668.45.

View Our Latest Research Report on AppLovin

AppLovin Profile

(Free Report)

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.

See Also

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