Pacer Advisors Inc. Grows Stake in AppLovin Co. (NASDAQ:APP)

Pacer Advisors Inc. increased its stake in AppLovin Co. (NASDAQ:APP) by 166.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,761 shares of the company’s stock after acquiring an additional 55,437 shares during the period. Pacer Advisors Inc.’s holdings in AppLovin were worth $7,387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp lifted its stake in AppLovin by 9,470.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after purchasing an additional 248,022 shares during the last quarter. Gulf International Bank UK Ltd bought a new stake in AppLovin in the first quarter worth about $1,131,000. Acadian Asset Management LLC lifted its stake in AppLovin by 2,081.4% in the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after purchasing an additional 15,590 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in AppLovin by 167.0% in the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock worth $1,118,000 after purchasing an additional 10,099 shares during the last quarter. Finally, Park Avenue Securities LLC bought a new stake in AppLovin in the second quarter worth about $1,195,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on APP shares. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their price target for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research note 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. Bank of America lifted their price target on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Jefferies Financial Group lifted their price target on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.09.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $126.12 on Tuesday. The firm has a 50 day moving average of $88.69 and a 200 day moving average of $80.97. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $128.19. The company has a market capitalization of $41.50 billion, a price-to-earnings ratio of 75.07, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company earned $0.22 earnings per share. The business’s revenue for the quarter was up 44.0% on a year-over-year basis. On average, sell-side analysts predict that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

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.