Massachusetts Financial Services Co. MA Raises Holdings in AppLovin Co. (NASDAQ:APP)

Massachusetts Financial Services Co. MA boosted its position in shares of AppLovin Co. (NASDAQ:APP) by 3.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 186,395 shares of the company’s stock after acquiring an additional 5,483 shares during the period. Massachusetts Financial Services Co. MA’s holdings in AppLovin were worth $15,512,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in APP. Precision Wealth Strategies LLC bought a new position in shares of AppLovin during the 4th quarter valued at approximately $324,000. Norges Bank purchased a new stake in AppLovin during the fourth quarter valued at $43,973,000. Clearbridge Investments LLC lifted its position in AppLovin by 3.1% during the fourth quarter. Clearbridge Investments LLC now owns 63,032 shares of the company’s stock valued at $2,512,000 after purchasing an additional 1,918 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of AppLovin by 154.9% in the 4th quarter. Franklin Resources Inc. now owns 235,187 shares of the company’s stock worth $9,372,000 after buying an additional 142,938 shares in the last quarter. Finally, Contrarius Investment Management Ltd bought a new stake in shares of AppLovin in the 4th quarter worth about $7,334,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $126.09 on Friday. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $41.49 billion, a PE ratio of 75.05, a P/E/G ratio of 1.41 and a beta of 1.88. The company has a 50 day moving average price of $87.10 and a 200-day moving average price of $79.83. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $128.19.

AppLovin (NASDAQ:APP) last issued its earnings results 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. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business’s revenue for the quarter was up 44.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.22 EPS. As a group, equities analysts forecast that AppLovin Co. will post 3.46 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on APP. Bank of America lifted their price target on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Benchmark boosted their target price on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. Oppenheimer restated an “outperform” rating and issued a $105.00 price target (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Jefferies Financial Group boosted their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Citigroup raised their target price on shares of AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $103.09.

Insiders Place Their Bets

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were 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 owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of AppLovin stock in a transaction dated 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 transaction, the insider now owns 390,615 shares in the company, valued at $33,225,711.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction dated 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 sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. The disclosure for this sale can be found here. Insiders have sold a total of 775,934 shares of company stock worth $65,805,022 in the last three months. Corporate insiders own 14.69% of the company’s stock.

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.