AppLovin Co. (NASDAQ:APP) Stake Increased by Prudential PLC

Prudential PLC raised its stake in shares of AppLovin Co. (NASDAQ:APP) by 307.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,705 shares of the company’s stock after acquiring an additional 12,607 shares during the quarter. Prudential PLC’s holdings in AppLovin were worth $1,390,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of APP. FinTrust Capital Advisors LLC acquired a new stake in AppLovin in the 4th quarter valued at about $32,000. Quest Partners LLC bought a new stake in AppLovin during the second quarter worth approximately $33,000. Covestor Ltd grew its position in AppLovin by 85.8% in the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after buying an additional 236 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of AppLovin during the 2nd quarter valued at $37,000. Finally, Atlas Capital Advisors LLC bought a new stake in shares of AppLovin during the 1st quarter worth $38,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Up 13.2 %

APP opened at $97.57 on Thursday. The company has a market capitalization of $32.10 billion, a PE ratio of 58.08, a price-to-earnings-growth ratio of 1.22 and a beta of 1.88. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $98.10. The business has a 50-day moving average of $83.19 and a 200-day moving average of $77.55.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 earnings per share. Equities research analysts forecast that AppLovin Co. will post 3.48 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on APP shares. Bank of America boosted their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. Benchmark upped their price objective on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research note on Friday, August 23rd. Wedbush dropped their target price on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Jefferies Financial Group boosted their price target on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $105.00 price objective (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.94.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now directly owns 7,412,475 shares of the company’s stock, valued at $640,067,216.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other AppLovin news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now owns 7,412,475 shares in the company, valued at $640,067,216.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction 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 $88,121,489.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 774,434 shares of company stock valued at $65,673,172. Insiders own 14.69% of the company’s stock.

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.