Marsico Capital Management LLC Acquires Shares of 60,577 AppLovin Co. (NASDAQ:APP)

Marsico Capital Management LLC purchased a new position in shares of AppLovin Co. (NASDAQ:APP) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 60,577 shares of the company’s stock, valued at approximately $5,041,000.

Several other large investors have also modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of AppLovin by 9,470.1% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock valued at $17,336,000 after acquiring an additional 248,022 shares during the last quarter. Gulf International Bank UK Ltd acquired a new stake in shares of AppLovin during the first quarter valued at $1,131,000. Acadian Asset Management LLC lifted its position in AppLovin by 2,081.4% during the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after buying an additional 15,590 shares during the period. Janney Montgomery Scott LLC lifted its position in AppLovin by 167.0% during the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock worth $1,118,000 after buying an additional 10,099 shares during the period. Finally, Park Avenue Securities LLC purchased a new position in AppLovin during the second quarter worth about $1,195,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Benchmark increased their target price on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $100.00 to $145.00 in a research report on Tuesday. BTIG Research increased their target price on AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Jefferies Financial Group raised their price objective on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Oppenheimer restated an “outperform” rating and issued a $105.00 price objective (up from $97.00) on shares of AppLovin in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $98.71.

Insider Transactions at AppLovin

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the transaction, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Victoria Valenzuela sold 47,001 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $85.06, for a total value of $3,997,905.06. Following the sale, the insider now owns 390,615 shares of the company’s stock, valued at approximately $33,225,711.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 775,934 shares of company stock worth $65,805,022. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

Shares of NASDAQ APP opened at $123.64 on Wednesday. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $124.76. The business has a 50 day moving average price of $85.48 and a two-hundred day moving average price of $79.21. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a market cap of $40.68 billion, a PE ratio of 73.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm earned $0.22 EPS. AppLovin’s quarterly revenue was up 44.0% on a year-over-year basis. Sell-side analysts expect that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

About AppLovin

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.