Thrivent Financial for Lutherans Raises Holdings in AppLovin Co. (NASDAQ:APP)

Thrivent Financial for Lutherans increased its position in AppLovin Co. (NASDAQ:APP) by 220.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 159,799 shares of the company’s stock after buying an additional 109,947 shares during the quarter. Thrivent Financial for Lutherans’ holdings in AppLovin were worth $13,299,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Sei Investments Co. raised its position in shares of AppLovin by 77.0% in the 2nd quarter. Sei Investments Co. now owns 515,665 shares of the company’s stock worth $42,914,000 after buying an additional 224,306 shares during the period. Garden State Investment Advisory Services LLC purchased a new position in shares of AppLovin in the 2nd quarter worth $267,000. Pacer Advisors Inc. raised its position in shares of AppLovin by 166.4% in the 2nd quarter. Pacer Advisors Inc. now owns 88,761 shares of the company’s stock worth $7,387,000 after buying an additional 55,437 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in AppLovin by 1.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 36,819 shares of the company’s stock valued at $3,064,000 after purchasing an additional 700 shares during the period. Finally, Hollencrest Capital Management purchased a new position in AppLovin in the second quarter valued at about $100,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on APP shares. Citigroup raised their price objective on AppLovin from $110.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Wedbush cut their price objective on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Oppenheimer reissued an “outperform” rating and issued a $105.00 price objective (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Jefferies Financial Group raised their price objective on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Bank of America raised their price objective on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $103.09.

Insider Transactions at AppLovin

In related news, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the sale, the chief financial officer now owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, 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 $900,711.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now directly owns 254,458 shares in the company, valued at approximately $20,262,490.54. The disclosure for this sale can be found here. Over the last three months, insiders sold 775,934 shares of company stock worth $65,805,022. Company insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $129.08 on Wednesday. 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 stock has a 50 day simple moving average of $89.54 and a 200-day simple moving average of $81.44. The company has a market cap of $42.47 billion, a PE ratio of 76.83, a P/E/G ratio of 1.41 and a beta of 1.88. AppLovin Co. has a 12-month low of $34.45 and a 12-month high of $130.39.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data 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. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business’s revenue was up 44.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. On average, equities research analysts forecast that AppLovin Co. will post 3.46 EPS for the current year.

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.