AppLovin Co. (NASDAQ:APP) Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC grew its position in shares of AppLovin Co. (NASDAQ:APP) by 1.3% during the third quarter, HoldingsChannel reports. The firm owned 3,539,467 shares of the company’s stock after buying an additional 46,854 shares during the period. AppLovin accounts for approximately 2.2% of Fred Alger Management LLC’s holdings, making the stock its 8th largest holding. Fred Alger Management LLC’s holdings in AppLovin were worth $462,077,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in AppLovin in the third quarter valued at about $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin during the 3rd quarter valued at approximately $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin during the third quarter worth approximately $27,000. Raleigh Capital Management Inc. bought a new stake in shares of AppLovin in the third quarter worth $29,000. Finally, Quest Partners LLC acquired a new stake in AppLovin in the second quarter valued at $33,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In other news, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $332.67, for a total value of $7,019,669.67. Following the completion of the transaction, the chief financial officer now directly owns 213,336 shares in the company, valued at $70,970,487.12. This trade represents a 9.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the transaction, the director now owns 2,987 shares in the company, valued at $952,673.78. This represents a 85.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,065 shares of company stock valued at $233,072,408. 14.69% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on APP shares. Bank of America boosted their target price on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Benchmark reaffirmed a “sell” rating and set a $66.00 target price on shares of AppLovin in a report on Thursday, November 7th. Jefferies Financial Group boosted their price target on AppLovin from $270.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday. Finally, The Goldman Sachs Group cut AppLovin from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $265.57.

AppLovin Trading Down 0.4 %

Shares of NASDAQ:APP opened at $328.56 on Friday. AppLovin Co. has a fifty-two week low of $35.79 and a fifty-two week high of $344.77. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $110.26 billion, a PE ratio of 99.56, a P/E/G ratio of 4.05 and a beta of 1.86. The company’s 50-day moving average price is $193.60 and its 200 day moving average price is $122.53.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm posted $0.30 earnings per share. The business’s revenue was up 38.6% on a year-over-year basis. Sell-side analysts anticipate that AppLovin Co. will post 4.06 earnings per share for the current 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.