Rhumbline Advisers Acquires 85,886 Shares of AppLovin Co. (NASDAQ:APP)

Rhumbline Advisers grew its position in shares of AppLovin Co. (NASDAQ:APP) by 35.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 327,798 shares of the company’s stock after buying an additional 85,886 shares during the quarter. Rhumbline Advisers owned 0.10% of AppLovin worth $27,279,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of APP. WCM Investment Management LLC bought a new position in shares of AppLovin during the 1st quarter worth approximately $497,488,000. Whale Rock Capital Management LLC bought a new position in shares of AppLovin during the 1st quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. lifted its position in shares of AppLovin by 185.0% during 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 buying an additional 2,525,240 shares in the last quarter. Norges Bank bought a new position in shares of AppLovin during the 4th quarter worth approximately $43,973,000. Finally, Jackson Square Partners LLC bought a new position in shares of AppLovin during the 1st quarter worth approximately $54,736,000. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 11,276 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $75.71, for a total value of $853,705.96. Following the completion of the transaction, the insider now directly owns 437,214 shares of the company’s stock, valued at approximately $33,101,471.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AppLovin news, insider Victoria Valenzuela sold 11,276 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $75.71, for a total value of $853,705.96. Following the completion of the transaction, the insider now directly owns 437,214 shares of the company’s stock, valued at approximately $33,101,471.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $75.65, for a total transaction of $330,666.15. Following the completion of the transaction, the director now directly owns 11,565 shares of the company’s stock, valued at $874,892.25. The disclosure for this sale can be found here. Insiders sold a total of 630,081 shares of company stock valued at $53,384,695 in the last three months. Company insiders own 14.69% of the company’s stock.

AppLovin Stock Down 4.1 %

AppLovin stock opened at $84.57 on Friday. AppLovin Co. has a 1-year low of $34.45 and a 1-year high of $93.70. The firm has a market capitalization of $27.82 billion, a price-to-earnings ratio of 50.34, a P/E/G ratio of 1.33 and a beta of 1.88. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a 50 day simple moving average of $82.90 and a 200 day simple moving average of $76.85.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned $0.22 EPS. AppLovin’s revenue was up 44.0% compared to the same quarter last year. On average, analysts predict that AppLovin Co. will post 3.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on APP shares. Oppenheimer reissued an “outperform” rating and set a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Wedbush decreased their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Benchmark raised their price target on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.86.

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.