MAI Capital Management Has $15.04 Million Position in AppLovin Co. (NASDAQ:APP)

MAI Capital Management raised its position in shares of AppLovin Co. (NASDAQ:APP) by 2.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 115,173 shares of the company’s stock after acquiring an additional 2,419 shares during the period. MAI Capital Management’s holdings in AppLovin were worth $15,036,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fred Alger Management LLC bought a new stake in shares of AppLovin during the second quarter worth $290,655,000. Whale Rock Capital Management LLC bought a new stake in AppLovin during the 1st quarter worth about $195,129,000. Jericho Capital Asset Management L.P. increased its position in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after acquiring an additional 1,357,400 shares during the last quarter. Finally, WCM Investment Management LLC lifted its position in shares of AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This represents a 3.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 235,542 shares of company stock worth $32,012,275. 14.69% of the stock is owned by insiders.

AppLovin Price Performance

Shares of NASDAQ APP opened at $298.00 on Tuesday. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $302.55. The company has a market cap of $100.01 billion, a PE ratio of 90.30, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. The business’s 50 day moving average price is $163.37 and its two-hundred day moving average price is $110.70. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the business earned $0.30 EPS. The firm’s revenue for the quarter was up 38.6% on a year-over-year basis. On average, analysts predict that AppLovin Co. will post 4.06 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of AppLovin in a report on Monday, October 28th. They issued an “overweight” rating and a $200.00 price target for the company. Bank of America lifted their target price on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Citigroup raised their price target on AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus raised their price objective on shares of AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $203.13.

AppLovin Company 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.