AppLovin Co. (NASDAQ:APP) is Fred Alger Management LLC’s 8th Largest Position

Fred Alger Management LLC lifted its holdings in AppLovin Co. (NASDAQ:APP) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,539,467 shares of the company’s stock after buying an additional 46,854 shares during the quarter. AppLovin accounts for 2.2% of Fred Alger Management LLC’s portfolio, making the stock its 8th biggest holding. Fred Alger Management LLC owned 1.06% of AppLovin worth $462,077,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its holdings in AppLovin by 122.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 536,937 shares of the company’s stock worth $37,168,000 after buying an additional 295,251 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of AppLovin during the 1st quarter valued at approximately $474,000. California State Teachers Retirement System boosted its stake in shares of AppLovin by 47.7% during the 1st quarter. California State Teachers Retirement System now owns 241,197 shares of the company’s stock worth $16,696,000 after acquiring an additional 77,914 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of AppLovin in the 1st quarter worth approximately $236,000. Finally, Comerica Bank increased its stake in AppLovin by 2.7% in the 1st quarter. Comerica Bank now owns 175,883 shares of the company’s stock valued at $12,175,000 after purchasing an additional 4,690 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ APP opened at $328.56 on Friday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $110.26 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 4.05 and a beta of 1.86. The business’s 50-day moving average price is $193.60 and its 200 day moving average price is $122.53. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $344.77.

AppLovin (NASDAQ:APP) last released its earnings results 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 net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the company earned $0.30 earnings per share. The company’s quarterly revenue was up 38.6% on a year-over-year basis. On average, research analysts predict that AppLovin Co. will post 4.06 earnings per share for the current year.

Insider Activity

In related news, 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 value of $5,740,920.00. Following the transaction, the director now owns 2,987 shares in the company, valued at approximately $952,673.78. This trade represents a 85.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This represents a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,065 shares of company stock valued at $233,072,408 in the last ninety days. Company insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on APP shares. Piper Sandler began coverage on AppLovin in a research report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price target for the company. Bank of America raised their target price on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Wedbush restated an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average target price of $265.57.

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.