HM Payson & Co. Buys 100 Shares of AppLovin Co. (NASDAQ:APP)

HM Payson & Co. raised its stake in AppLovin Co. (NASDAQ:APP) by 50.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 300 shares of the company’s stock after acquiring an additional 100 shares during the period. HM Payson & Co.’s holdings in AppLovin were worth $39,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Fred Alger Management LLC purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $290,655,000. Whale Rock Capital Management LLC purchased a new stake in AppLovin during the first quarter valued at $195,129,000. Jericho Capital Asset Management L.P. lifted its position 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 purchasing an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. grew 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 worth $124,522,000 after buying an additional 1,357,400 shares in the last quarter. Finally, Jackson Square Partners LLC bought a new stake in shares of AppLovin in the 1st quarter worth about $54,736,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 3.5 %

Shares of NASDAQ:APP opened at $163.53 on Friday. The business’s 50 day moving average is $127.73 and its 200 day moving average is $96.51. The stock has a market cap of $54.66 billion, a P/E ratio of 69.59, a price-to-earnings-growth ratio of 2.47 and a beta of 1.92. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $174.46. 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 posted its quarterly earnings results 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 business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company earned $0.22 EPS. The business’s revenue was up 44.0% compared to the same quarter last year. Sell-side analysts predict that AppLovin Co. will post 3.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on APP shares. Stifel Nicolaus increased their price target on shares of AppLovin from $100.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wedbush dropped their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price target on AppLovin from $57.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Benchmark raised their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. Finally, Macquarie reiterated an “outperform” rating and set a $150.00 price objective (up previously from $115.00) on shares of AppLovin in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.78.

Insider Activity

In other news, insider Victoria Valenzuela sold 14,166 shares of the 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 transaction, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the transaction, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction dated 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 sale, the insider now directly owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The trade was 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 worth $51,022,478. 14.69% of the stock is currently owned by corporate 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.