American Century Companies Inc. Boosts Stake in AppLovin Co. (NASDAQ:APP)

American Century Companies Inc. boosted its holdings in AppLovin Co. (NASDAQ:APP) by 80.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,378 shares of the company’s stock after purchasing an additional 103,335 shares during the period. American Century Companies Inc. owned about 0.07% of AppLovin worth $19,338,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. WCM Investment Management LLC bought a new stake in shares of AppLovin in the 1st quarter worth approximately $497,488,000. Jericho Capital Asset Management L.P. increased its holdings 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 worth $269,305,000 after acquiring an additional 2,525,240 shares during the last quarter. Whale Rock Capital Management LLC bought a new stake in AppLovin in the 1st quarter valued at about $195,129,000. First Trust Advisors LP boosted its position in AppLovin by 42.6% during the fourth quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock worth $91,605,000 after purchasing an additional 686,258 shares during the period. Finally, Norges Bank purchased a new position in shares of AppLovin in the fourth quarter worth about $43,973,000. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on APP. BTIG Research lifted their price objective on shares of AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Bank of America lifted their target price on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the stock from $100.00 to $145.00 in a report on Tuesday. Benchmark boosted 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. Finally, Wedbush cut their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.09.

AppLovin Stock Up 0.7 %

APP opened at $124.00 on Friday. The business’s fifty day simple moving average is $86.26 and its 200 day simple moving average is $79.52. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $128.19. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The stock has a market cap of $40.80 billion, a PE ratio of 73.81, a P/E/G ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 EPS 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 return on equity of 84.16% and a net margin of 20.89%. The company’s revenue was up 44.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.22 EPS. As a group, research analysts expect that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 47,001 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the sale, the insider now owns 390,615 shares of the company’s stock, valued at $33,225,711.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 775,934 shares of company stock valued at $65,805,022. 14.69% of the stock is currently owned by corporate insiders.

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.