QRG Capital Management Inc. Buys 16,149 Shares of AppLovin Co. (NASDAQ:APP)

QRG Capital Management Inc. lifted its position in AppLovin Co. (NASDAQ:APP) by 166.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,880 shares of the company’s stock after buying an additional 16,149 shares during the period. QRG Capital Management Inc.’s holdings in AppLovin were worth $3,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fred Alger Management LLC purchased a new position in shares of AppLovin in the second quarter valued at about $290,655,000. Whale Rock Capital Management LLC purchased a new position in shares of AppLovin in the first quarter worth $195,129,000. Jericho Capital Asset Management L.P. grew its stake in AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of AppLovin by 977.2% during 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 last quarter. Finally, Jackson Square Partners LLC bought a new stake in shares of AppLovin in the first quarter worth about $54,736,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction that occurred 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 transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction dated 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. This trade represents 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 through this link. Also, CTO Vasily Shikin sold 5,500 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $86.04, for a total transaction of $473,220.00. Following the completion of the transaction, the chief technology officer now owns 4,536,447 shares of the company’s stock, valued at $390,315,899.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 610,094 shares of company stock valued at $51,022,478. Company insiders own 14.69% of the company’s stock.

AppLovin Price Performance

APP opened at $168.55 on Thursday. The company has a market capitalization of $56.34 billion, a price-to-earnings ratio of 71.72, a PEG ratio of 2.36 and a beta of 1.86. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $176.99. The business’s fifty day simple moving average is $130.62 and its 200-day simple moving average is $98.02.

AppLovin (NASDAQ:APP) last issued its 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 company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the business earned $0.22 EPS. The firm’s quarterly revenue was up 44.0% on a year-over-year basis. On average, equities research analysts anticipate that AppLovin Co. will post 3.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group lowered shares of AppLovin from a “buy” rating to a “neutral” rating and raised their target price for the company from $103.00 to $150.00 in a report on Monday, October 14th. Wells Fargo & Company started coverage on shares of AppLovin in a research report on Monday, October 28th. They set an “overweight” rating and a $200.00 target price on the stock. Citigroup lifted their price target on AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. BTIG Research boosted their price objective on AppLovin from $150.00 to $202.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Stifel Nicolaus raised their price objective on AppLovin from $100.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $136.78.

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.