AppLovin Co. (NASDAQ:APP) Position Boosted by Assetmark Inc.

Assetmark Inc. lifted its stake in AppLovin Co. (NASDAQ:APP) by 131.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,637 shares of the company’s stock after purchasing an additional 5,480 shares during the quarter. Assetmark Inc.’s holdings in AppLovin were worth $1,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Fred Alger Management LLC acquired a new position in AppLovin in the 2nd quarter worth about $290,655,000. Whale Rock Capital Management LLC acquired a new position in shares of AppLovin during the 1st quarter worth $195,129,000. Jericho Capital Asset Management L.P. raised its holdings in shares of AppLovin by 185.0% during 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 in the last quarter. 1832 Asset Management L.P. lifted 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 last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of AppLovin by 695.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 549,453 shares of the company’s stock valued at $45,725,000 after purchasing an additional 480,336 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

Shares of APP stock opened at $284.49 on Friday. AppLovin Co. has a 12 month low of $35.79 and a 12 month high of $302.55. The company has a market capitalization of $95.09 billion, a P/E ratio of 86.05, a P/E/G ratio of 3.56 and a beta of 1.86. The stock has a 50 day moving average of $151.08 and a two-hundred day moving average of $105.82. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the business earned $0.30 earnings per share. AppLovin’s quarterly revenue was up 38.6% compared to the same quarter last year. As a group, equities analysts expect that AppLovin Co. will post 4.06 EPS for the current year.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 14,166 shares of the firm’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 sale, the insider now owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. This trade represents a 3.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 235,542 shares of company stock valued at $32,012,275 over the last quarter. 14.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on APP shares. JPMorgan Chase & Co. raised their target price on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Macquarie increased their price target on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $194.31.

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.