abrdn plc Has $6.49 Million Holdings in AppLovin Co. (NASDAQ:APP)

abrdn plc increased its holdings in shares of AppLovin Co. (NASDAQ:APP) by 784.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,691 shares of the company’s stock after buying an additional 44,071 shares during the quarter. abrdn plc’s holdings in AppLovin were worth $6,487,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in APP. Fred Alger Management LLC acquired a new stake in AppLovin during the 2nd quarter worth $290,655,000. Whale Rock Capital Management LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. raised its stake in shares of 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 valued at $269,305,000 after purchasing an additional 2,525,240 shares during the period. 1832 Asset Management L.P. raised its stake in shares of AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after purchasing an additional 1,357,400 shares during the period. Finally, Jackson Square Partners LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at about $54,736,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity

In other news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the sale, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eduardo Vivas sold 229,200 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 610,094 shares of company stock worth $51,022,478. Corporate insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Benchmark lifted their target price on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and lifted their target price for the company from $103.00 to $150.00 in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their target price on AppLovin from $57.00 to $160.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Oppenheimer lifted their target price on AppLovin from $105.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Bank of America lifted their target price on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $136.78.

AppLovin Trading Down 3.5 %

Shares of NASDAQ:APP opened at $163.53 on Friday. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $174.46. The stock has a market cap of $54.66 billion, a PE ratio of 69.59, a P/E/G ratio of 2.47 and a beta of 1.92. The business has a 50 day moving average of $127.73 and a 200-day moving average of $96.51. 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 (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 analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the company posted $0.22 earnings per share. The business’s revenue was up 44.0% on a year-over-year basis. As a group, equities research analysts forecast that AppLovin Co. will post 3.47 earnings per share for the current year.

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.