State Street Corp Has $703.41 Million Stake in AppLovin Co. (NASDAQ:APP)

State Street Corp raised its position in AppLovin Co. (NASDAQ:APP) by 8.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,388,023 shares of the company’s stock after purchasing an additional 428,419 shares during the quarter. State Street Corp’s holdings in AppLovin were worth $703,406,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. WCM Investment Management LLC grew its holdings in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares in the last quarter. FMR LLC grew its holdings in shares of AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares in the last quarter. Lone Pine Capital LLC grew its holdings in shares of AppLovin by 7.2% in the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after acquiring an additional 382,767 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of AppLovin by 1.3% in the 3rd quarter. Fred Alger Management LLC now owns 3,539,467 shares of the company’s stock valued at $462,077,000 after acquiring an additional 46,854 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of AppLovin by 31.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after acquiring an additional 560,560 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the transaction, the chief technology officer now directly owns 3,919,024 shares in the company, valued at $1,251,618,694.88. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Victoria Valenzuela sold 17,925 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the transaction, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 772,820 shares of company stock worth $246,337,463. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of several analyst reports. Loop Capital raised their price objective on AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a report on Monday, November 11th. Macquarie raised their price objective on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a report on Friday. Wells Fargo & Company raised their price objective on AppLovin from $250.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Benchmark reiterated a “sell” rating and set a $66.00 price target on shares of AppLovin in a report on Thursday, November 7th. Finally, Citigroup lifted their price target on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

AppLovin Stock Up 5.9 %

NASDAQ APP opened at $401.50 on Monday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $417.64. The company has a 50 day moving average of $226.30 and a 200-day moving average of $136.09. The company has a market cap of $134.74 billion, a price-to-earnings ratio of 121.67, a PEG ratio of 4.60 and a beta of 2.28.

AppLovin (NASDAQ:APP) last released 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 net margin of 26.85% and a return on equity of 122.24%. The company 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 business earned $0.30 earnings per share. The firm’s quarterly revenue was up 38.6% on a year-over-year basis. On average, equities research analysts expect that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

AppLovin 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.