Summit Global Investments Acquires New Stake in AppLovin Co. (NASDAQ:APP)

Summit Global Investments bought a new position in AppLovin Co. (NASDAQ:APP) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 33,425 shares of the company’s stock, valued at approximately $4,364,000.

A number of other large investors have also recently added to or reduced their stakes in APP. Mitsubishi UFJ Trust & Banking Corp boosted its position 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 worth $17,336,000 after buying an additional 248,022 shares during the period. Acadian Asset Management LLC raised its position in AppLovin by 2,081.4% in the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock valued at $1,127,000 after buying an additional 15,590 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in AppLovin by 167.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after acquiring an additional 10,099 shares in the last quarter. Clearbridge Investments LLC boosted its position in AppLovin by 73.0% during the 2nd quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock worth $74,344,000 after acquiring an additional 376,835 shares during the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new stake in shares of AppLovin in the third quarter valued at approximately $7,086,000. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on APP shares. BTIG Research raised their target price on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $280.00 in a research report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a report on Thursday. JPMorgan Chase & Co. boosted their target price on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Stifel Nicolaus raised their price target on AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $182.31.

AppLovin Price Performance

Shares of NASDAQ APP opened at $246.53 on Friday. The company has a market capitalization of $82.40 billion, a PE ratio of 104.91, a P/E/G ratio of 2.29 and a beta of 1.86. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $257.43. The firm has a fifty day simple moving average of $135.33 and a 200 day simple moving average of $99.54.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate 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 period last year, the company posted $0.22 EPS. The business’s quarterly revenue was up 44.0% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Co. will post 3.48 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the completion of the sale, the chief financial officer now owns 254,458 shares in the company, valued at $20,262,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 610,094 shares of company stock valued at $51,022,478. 14.69% of the stock is currently owned by company insiders.

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.